Mumbai, Apr 11 : Mumbai police have detained cricketer Hardik Pandya’s stepbrother for allegedly deceiving him and his brother Krunal in a polymer business scam amounting to over Rs 4 crore, according to an official statement on Thursday.
The Economic Offences Wing (EOW) of the city police took 37-year-old Vaibhav Pandya into custody on Monday, charging him with criminal breach of trust, criminal intimidation, criminal conspiracy, forgery, and other relevant offenses.
According to the official, “The cricketer brothers, along with their stepbrother, established a partnership-based firm in Mumbai for polymer business in 2021. Under the partnership terms, the siblings invested 40% each, while Vaibhav contributed 20% of the capital. It was agreed that Vaibhav would manage the daily operations, and profits would be distributed accordingly.”
However, Vaibhav allegedly initiated another business dealing in the same sector without informing his brothers, violating the partnership agreement and causing a loss of approximately Rs 3 crore to the original firm.
The official further explained, “During this time, he increased his personal profit margins by 20 to 33%, diverting funds from the partnership account to his own, totaling around Rs 1 crore.”
Upon being confronted by the cricketers, Vaibhav purportedly resorted to threats to safeguard his actions.
Subsequently, a complaint was filed by the cricketers’ accountant at the Khar police station, leading to the registration of a case transferred to the EOW. Following investigations revealing Vaibhav Pandya’s involvement, he was promptly arrested by EOW officials on the same day.
Vaibhav was presented in a local court, which remanded him in police custody until Friday.
