IPL 2024: Hardik Pandya’s step brother arrested for cheating more than Rs 4 crore – Dainik Savera Times
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Mumbai Mumbai Police has arrested cricketer Hardik Pandya’s step brother for allegedly defrauding him and his brother Kunal of over Rs 4 crore in the polymer business. An official gave this information on Thursday. The Economic Offenses Wing (EOW) of Mumbai Police on Monday arrested 37-year-old Vaibhav Pandya on charges of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery and other related sections, he said. Cricketers Hardik Pandya and Krunal Pandya, along with their step-brother, had started the polymer business in 2021 by setting up a partnership-based unit in Mumbai, the official said.
The official said as per the terms of the partnership, Hardik Pandya and Krunal Pandya invested 40% each, while Vaibhav invested 20% capital. It was decided that Vaibhav would handle the daily operations of the business and the profits would be distributed in the same proportion. He said, thereafter Vaibhav without informing Hardik Pandya and Kunal Pandya set up another unit dealing in the same business and started the business. Along with this, he violated the partnership based agreement.
The official said that due to the new unit, the profit of the partnership unit reduced resulting in a loss of about Rs 3 crore. During this period, he (Vaibhav) increased his profit by 20 to 33 percent due to which Haidak Pandya and Krunal Pandya suffered loss. He told that Vaibhav also transferred an amount of about one crore from the partnership account to his own account. He said that when the cricketer brothers questioned Vaibhav in this regard, he allegedly threatened to tarnish their (Hardik Pandya and Krunal Pandya) reputation.
The cricketer’s accountant had lodged a complaint at Khar police station on Monday, based on which a case was registered and transferred to EOW. He said that after Vaibhav Pandya’s involvement in the crime came to light, EOW officials arrested him. He said he was produced before a local court, which sent him to police custody till Friday.
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