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Hardik Pandya's Brother Nabbed by Mumbai Police in ₹4.3 Crore Business Scam

Pandya Brothers Duped of ₹4.3 Crore by Stepbrother Vaibhav in Business Scam [x.com]Pandya Brothers Duped of ₹4.3 Crore by Stepbrother Vaibhav in Business Scam [x.com]

In a startling development that has shocked cricket fans and the business community alike, Vaibhav Pandya, the stepbrother of renowned Indian cricketers Hardik and Krunal Pandya, has been apprehended by the Mumbai police on charges of fraud and forgery.

The arrest follows allegations that Vaibhav duped his brothers out of a hefty sum of approximately ₹4.3 crore in a shared business venture.

The trio had embarked on a polymer business in 2021, agreeing on a partnership where Hardik and Krunal would each inject 40% of the capital, while Vaibhav was tasked with handling the day-to-day operations with a 20% stake.

Despite these terms, it's been reported that Vaibhav clandestinely established a rival firm, diverting profits and thus breaching the partnership agreement.

This manoeuvre not only led to a significant reduction in the original firm's profits, causing an estimated loss of ₹3 crore, but Vaibhav also allegedly adjusted the profit-sharing ratio to favour himself, increasing his share from 20% to 33.3%.

Further accusations include the unauthorised transfer of around ₹1 crore from the firm’s accounts to his own. When confronted by Hardik, Vaibhav is said to have threatened to damage his stepbrother's reputation.

Currently, as the IPL season progresses, with Hardik leading the Mumbai Indians and Krunal showcasing his skills with the Lucknow Super Giants, the Pandya brothers have yet to comment on the situation publicly.