Mumbai Indians Captain Hardik Pandya’s stepbrother Vaibhav Pandya was arrested on Wednesday for allegedly duping his brothers in business. Vaibhav Pandya (37), allegedly diverted around Rs 4.3 crore from the partnership firm based in Mumbai with his brothers. Subsequently, a huge loss was incurred to the cricketer Hardik Pandya and his brother, Krunal Pandya.
As per reports, the arrest was made after Hardik had filed a complaint against his stepbrother. The alleged misconduct includes the diversion of funds and violation of partnership terms. Later Mumbai Police charged with cheating and forgery.
The three individuals jointly established a polymer business three years ago in the year 2021, with specific terms citing that the cricketer brothers were to invest 40% of the capital each, while Vaibhav would contribute 20% and manage daily operations. The end profits were to be distributed in the same ratio.
However, the stepbrother set up another firm dealing in the same trade, but without informing his two brothers, in violation of the partnership agreement. Around this time, profits of the original partnership dropped, causing a loss of Rs.3 crore. On the other hand, Vaibhav secretly increased his own profit from 20% to 33.3%, causing massive losses to the cricketer and his brother. The stepbrother allegedly diverted a huge sum of money from the partnership firm’s account to his own account, taking Rs 1 crore. Confronted by the cricketer, he allegedly threatened to tarnish his reputation.
