Mumbai: The Economic Offence Wing of Mumbai Police has arrested Vaibhav Pandya (37), stepbrother of cricketer Hardik Pandya for allegedly cheating the latter and his brother of Rs 4.3 crore in business, officials said.
The accused was arrested from his lower Paral residence for allegedly cheating Hardik and his brother Krunal by diverting Rs 4.3 crore from their partnership firm, Deputy Commissioner of Police Sangram Singh Nishandar said. The accused has been booked for cheating and forgery.
The three Pandya brothers had set up a polymer business on partnership basis in 2021. Hardik and Krunal had contributed 40 per cent of the capital and their stepbrother had pumped in 20 per cent. As per the partnership, the profit was to be distributed in this ratio among the trio.
However, Vaibhav set up another firm without informing his brothers and transferred funds from the partnership firm to the new company. As a result of which, the profits of the partnership firm dropped and Hardik and Krunal suffered losses amounting to Rs 4.3 crore. On the other hand, Vaibhav's profit increased subsequently.
Based on a complaint lodged by Hardik and his brother, a case was registered and the Economic Offence Wing launched an investigation. Following which, Mumbai Police arrested Vaibhav from his residence on charges of forgery and cheating. The accused is currently being interrogated, police said.
Read more
