xtratime Logo

Xtra Time Web Desk: Mumbai police have apprehended a suspect in a notable case involving Vaibhav Pandya, the stepbrother of cricketers Hardik and Krunal Pandya, who is accused of defrauding them of approximately ₹4.3 crore in a business venture. As per report, the 37-year-old Vaibhav allegedly redirected around ₹4.3 crore from a joint business endeavour, resulting in significant financial harm to the Pandya brothers. The alleged misconduct encompasses fund diversion and breach of partnership terms. Vaibhav was arrested on April 10 and has been charged with cheating and forgery.

The trio jointly initiated a polymer business three years ago with predetermined stakes: the cricketing siblings were to contribute 40% of the capital each, while Vaibhav's share was 20%, along with operational responsibilities. Profits were to be distributed accordingly. However, Vaibhav purportedly established another venture in the same domain without informing his stepbrothers, thereby violating the partnership agreement.

Read More: IPL 2024: Rashid shines as GT breaks RR’s winning streak

Consequently, profits from the original venture dwindled, causing an estimated loss of ₹3 crore. Moreover, it's alleged that Vaibhav knowingly increased his profit share from 20% to 33.3%, further impacting the financial interests of Hardik and Krunal Pandya. The Mumbai police's Economic Offences Wing has charged Vaibhav Pandya with cheating and forgery in connection with these actions.

The Pandya brothers, have yet to make any public statements regarding the matter.

Read More: IPL 2024: Shubman Gill indulged in heated argument with on field umpire yet again, watch video