Vaibhav, the stepbrother of cricket players Hardik and Krunal Pandya, is being held by the police until April 19 after a judge ordered an extension. Vaibhav is suspected of defrauding the couple of Rs 4 crore.
The stepbrother of cricket players Hardik and Krunal Pandya, Vaibhav, is accused of defrauding the couple of Rs 4 crore through a joint business venture. A judge on Tuesday extended his police custody until April 19. After his previous detention expired, Vaibhav Pandya, the accused, was brought before a magistrate court. Vaibhav’s detention was requested to be extended by the Mumbai Police’s Economic Offenses Wing (EOW) in order to conduct more investigation. The court extended Vaibhav’s custody until Friday as his attorney, Niranjan Mundargi, did not object to the EOW plea. A criminal breach of trust, criminal intimidation, criminal conspiracy, forgery, and other pertinent sections of the Indian Penal Code are among the allegations against Vaibhav, 37, which were filed after he was reportedly caught defrauding the cricketer brothers out of more than Rs. 4 crore.
“It was a family matter and the case has been filed due to misunderstanding,” Vaibhav had previously informed the court.
According to investigators, in 2021 the cricketer brothers and Vaibhav launched a polymer business and established a partnership-based firm in Mumbai.
As per the conditions of the venture’s partnership, the siblings contributed 40% apiece, with Vaibhav contributing the remaining 20% of the capital. According to the agreement, Vaibhav was to manage the day-to-day operations of the business and share the earnings according to the same formula, according to the police.
Allegations are made that Vaibhav violated the partnership agreement by opening a second company that engaged in the same line of business without telling the Pandya brothers.
The original partnership firm’s profits allegedly decreased as a result of the establishment of a new company, resulting in a loss of almost Rs 3 crore.
According to reports, Vaibhav lost money for Hardik Pandya and his brother at this time while increasing his own profit by 20 to 33 percent. Allegedly, Vaibhav also transferred approximately Rs 1 crore in funds from the joint account to his own.
