Mumbai Indians captain Hardik Pandya’s step brother arrested on fraud charges
The Mumbai Indians captain Hardik Pandya and brother Krunal Pandya were duped to the amount of Rs 4.3 crore by step brother Vaibhav. Mumbai Police have taken on the allegations against Vaibhav Pandya who is accused of cheating the cricketer. Vaibhav Pandya breached the business partnership agreement as a result of which he had to spend some time in jail. Pandya siblings are currently playing in the IPL.
Mumbai Police has arrested Vaibhav Pandya, the stepbrother of the Indian cricketers Hardik and Krunal Pandya. Vaibhav has been accused of committing fraud worth around Rs 4.3 crore in a joint business venture with Hardik-Krunal.
As revealed in the recent Times of India report, 37-year-old Vaibhav is implicated in embezzling nearly Rs 4.3 crore from a partnership firm. Thus, Krunal and Hardik suffered a huge financial loss. The claimed acts of unjust activity include misappropriation of funds and violation of partnership terms.
Vaibhav duped Pandya brothers
In accordance with the report, three years ago, three individuals formed a polymer company with specific conditions. The cricket community brothers were going to invest 40 percent of the capital whereas Vaibhav was going to put in 20 percent and take up the responsibility for the daily operation.
The benefit from the venture was allocated in the same proportion as the shares. However, Vaibhav was claimed to have already established a firm in the same industry without telling his half-brothers and had failed to follow the partnership agreement.
Pandya brothers suffered huge loss
The result was that the actual profits of the partnership decreased. There was a loss of about Rs 3 crore. It was also claimed that Vaibhav secretly upped his profit share from 20% to 33.3%, causing huge financial loss to Mumbai Indians captain Hardik and Krunal Pandya.
The Economic Offenses Wing of Mumbai Police has booked Vaibhav Pandya with fraud and forgery about these operations. The Pandya brothers have not given any public statement on this matter.
