Vaibhav Pandya, 37, the stepbrother of cricket players Hardik Pandya and Krunal Pandya, was arrested by Mumbai Police for allegedly cheating them of over ₹4.3 crore in a business venture.
According to reports, Vaibhav is accused of taking a significant sum from their joint venture, causing the brothers to suffer substantial financial losses. Three years ago, the trio established a polymer company under specific conditions, with Vaibhav contributing 20% of the capital and overseeing operations, while Hardik and Krunal each invested 40%.
The profits were meant to be distributed according to their respective investments. However, Vaibhav purportedly violated the partnership agreement by starting another business in the same industry without informing his stepbrothers. This resulted in decreased profits from the initial collaboration, leading to an estimated loss of ₹3 crore. Additionally, it's claimed that Vaibhav secretly increased his personal profit share from 20% to 33.3%, further harming Hardik and Krunal's finances.
Upon discovering these breaches, one of the brothers confronted Vaibhav, who allegedly responded with threats. In response to these actions, Vaibhav Pandya faces charges of cheating and forgery by the Mumbai Police's Economic Offences Wing.