Advertisement
In a significant development, Mumbai police have arrested Vaibhav Pandya, the stepbrother of cricket star Hardik Pandya, for alleged fraud amounting to INR 4.3 crore. This news comes amidst Hardik’s leadership of Mumbai Indians in the ongoing IPL season.
Hardik Pandya, leading Mumbai Indians in the IPL, faced a setback as his stepbrother, Vaibhav Pandya, was arrested by Mumbai police for reportedly cheating Hardik and his brother Krunal of approximately INR 4.3 crore in a business deal.
The Economic Offences Wing of Mumbai police stated that Vaibhav allegedly deceived both Hardik and Krunal, resulting in significant financial losses. Charges of cheating and forgery led to Vaibhav’s arrest.
Reportedly, the trio had established a polymer business in 2021, with Hardik and Krunal contributing 40 percent of the capital each, while Vaibhav invested 20 percent. However, Vaibhav formed another company within the same trade without informing his brothers, violating the partnership agreement.
During this period, profits of the original partnership dwindled, resulting in a loss of Rs 3 crore. Furthermore, Vaibhav increased his share of the profits from 20 percent to 33 percent without the consent of Hardik and Krunal.
Both Hardik and Krunal are currently engaged in IPL matches. While Hardik leads Mumbai Indians, Krunal plays for Lucknow Super Giants. Despite their IPL commitments, the legal proceedings surrounding Vaibhav’s arrest highlight the financial challenges faced by the Pandya brothers.
