Xtra Time Web Desk: Vaibhav Pandya, stepbrother of cricketers Hardik and Krunal Pandya, who was arrested for allegedly deceiving them of Rs 4 crore in a business venture, appeared before a Mumbai court on Friday claiming the issue was merely a family misunderstanding. Represented by his lawyer Niranjan Mundargi during his hearing, Vaibhav expressed that the matter at hand was familial and efforts were underway to resolve it.
His police custody was extended till April 16 by the additional chief metropolitan magistrate (Esplanade court) L S Padhen following the initial police remand. Mundargi expressed no objection to the police’s request for an extension of remand. The Mumbai police further demanded a seven-day remand, argued that essential information was yet to be unearthed.
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Considering both arguments, the magistrate acknowledged the progress made by the probe agency and deemed it necessary to extend Vaibhav’s remand. The case, intertwined with various financial intricacies, required additional time for thorough interrogation.
According to the police, Vaibhav, Hardik, and Krunal initiated a polymer business partnership in Mumbai in 2021, with investment proportions of 40%, 40%, and 20% respectively. Despite this, Vaibhav purportedly established another firm in the same sector without informing his siblings, violating partnership agreements. Consequently, the profits of the original venture diminished, leading to a significant financial setback for the cricketer siblings. Allegedly, Vaibhav diverted approximately Rs 1 crore from the business to his personal account, exacerbating the financial losses suffered by Hardik and Krunal. In total, the siblings reportedly incurred a loss of Rs 4 crore due to Vaibhav’s actions.
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