File image of cricketer Hardik Pandya throughout a Mumbai Indians IPL match
| Photo Credit: PTI
The Mumbai police have arrested cricketer Hardik Pandya’s stepbrother for allegedly cheating him and his brother Krunal in polymer business to the tune of greater than ₹4 crore, an official stated on Thursday.
The Economic Offences Wing (EOW) of the town police arrested 37-year-old Vaibhav Pandya on Monday on the costs of felony breach of belief, felony intimidation, felony conspiracy, forgery and different related sections, he stated.
“The cricketer brothers along with their stepbrother set up a partnership-based firm in Mumbai and started polymer business in 2021. As per the partnership terms, the siblings invested 40% each, while Vaibhav invested 20% capital. It was decided that Vaibhav would handle daily operations of the business and the profits were distributed in the same ratio,” the official stated.
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“Vaibhav then set up another firm dealing in the same business without informing the cricketers and started the business. With this, he violated the partnership agreement,” he stated.
Due to the brand new firm, the income of the unique partnership agency got here down and prompted a loss of roughly ₹3 crore, the official stated.
During this era, he elevated his personal revenue by 20 to 33% and prompted loss to Hardik Pandya and his brother. Vaibhav additionally diverted funds from the partnership account to his personal, which is round ₹1 crore, he added.
When he was confronted by the cricketer, he allegedly threatened to tarnish the latter’s repute, he stated.
A criticism was lodged by the accountant of the cricketer on the Khar police station on Monday, primarily based on which a case was registered and it was transferred to the EOW.
As the involvement of Vaibhav Pandya got here to mild in the crime, he was positioned below arrest by the EOW officers on the identical day, he stated.
He was produced in an area courtroom, which remanded him in police custody until Friday, he stated.
