The Mumbai police arrested Vaibhav Pandya, the stepbrother of star India cricketers Hardik Pandya and Krunal Pandya. This arrest is part of a high-profile case alleging financial misconduct. Vaibhav is accused of cheating his stepbrothers out of ₹4.3 crore (approximately $530,000 USD) in a business partnership they had together. It has been learnt that Vaibhav allegedly diverted funds from the partnership, resulting in a significant financial loss for Hardik and Krunal Pandya.
The accusations against Vaibhav Pandya involve two main aspects — misusing funds and breaking the partnership agreement.
According to reports, the three Pandya brothers started a polymer business together a few years back. They had a specific agreement: Hardik and Krunal would each invest 40 per cent of the capital, while Vaibhav would contribute 20 per cent and handle the day-to-day operations. Profits would then be shared based on their investment percentages.
However, things allegedly went sour when Vaibhav reportedly set up another company dealing in the same industry, without informing his stepbrothers. This was a direct violation of their partnership agreement. It's further alleged that this led to a decline in profits for the original business, causing a loss of around ₹3 crore. To make matters worse, Vaibhav is also accused of secretly increasing his own share of the profits from the original business, from the agreed-upon 20 per cent to 33.3 per cent. This further hurt the financial standing of Hardik and Krunal Pandya.
The Economic Offences Wing of the Mumbai police has filed charges against Vaibhav Pandya for cheating and forgery related to these incidents. Meanwhile, the Pandya brothers are yet to make any public statements regarding the situation.
The Pandya brothers are both in the thick of the Indian Premier League (IPL) this season. Hardik Pandya is leading the Mumbai Indians, while his brother Krunal has been a star performer for the Lucknow Super Giants in 2024.
It's been a challenging journey for Hardik as captain. He was recovering from an ankle injury he got during the 2023 World Cup, and on top of that, some Mumbai Indians fans weren't happy with him being named captain. The team's start to the season reflected these difficulties with three losses in a row. But they finally got their first win last week, beating the Delhi Capitals by 29 runs.
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