Vaibhav Pandya is the stepbrother of cricketers Hardik

Krunal, All the three had started polymer business in 2021

Vaibhav cheated the two of profits

Mumbai Police’s Economic Offence Wing (EOW) has made a significant arrest, detaining Vaibhav Pandya, stepbrother of renowned cricketer Hardik Pandya, on charges of cheating. Vaibhav stands accused of defrauding Hardik and his brother Krunal Pandya of a staggering Rs 4 crore in a business-related debacle.

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Reportedly, Vaibhav initiated a polymer company in 2021 with an agreed-upon partnership split of 40 per cent for each of the Pandya brothers, while he retained a 20 per cent stake. However, he is alleged to have breached the terms of the partnership by diverting profits totaling Rs 4.3 crore to a separate firm, thus causing substantial financial losses to the cricketers.

Upon the filing of a complaint with the Mumbai Police, the EOW swiftly acted, leading to Vaibhav’s arrest on March 10. Subsequent investigations revealed the purported malfeasance in the business arrangement. Vaibhav was presented before the authorities and subsequently remanded to police custody for five days.

This arrest underscores the complexities and challenges of business partnerships, even among family members. The case is a reminder of the importance of clear and transparent contractual agreements in business dealings to mitigate the risk of fraud and disputes. Hardik and Krunal Pandya, acclaimed figures in Indian cricket, have yet to publicly comment on the matter.