Vaibhav Pandya, stepbrother of Mumbai Indians skipper Hardik Pandya and Krunal Pandya, has been arrested for allegedly cheating the two cricketers. It is alleged that Vaibhav cheated the duo for over Rs 4.3 crore in polymer business. Economic Offences Wing (EOW) of Mumbai police arrested Vaibhav on the charges of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery and other relevant sections.
Who is Vaibhav Pandya?
Vaibhav Pandya is an entrepreneur who set up a partnership-based firm in Mumbai and started polymer business in 2021. The 37-year-old invested 20 per cent capital in the business, while the siblings invested 40 per cent each, as per the partnership terms.
“It was decided that Vaibhav would handle daily operations of the business and the profits were distributed in the same ratio,” the official said. “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 said.
Due to the new company, the profits of the original partnership firm came down and caused a loss approximate Rs 3 crore, the official said. During this period, he increased his own profit by 20 to 33 per cent and caused loss to Hardik Pandya and his brother. Vaibhav also diverted funds from the partnership account to his own, which is around Rs 1 crore, he added. When he was confronted by the cricketer, he allegedly threatened to tarnish the latter’s reputation, he said.
(With inputs from PTI)
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