Mumbai: The Economic Offences Wing (EOW) of Mumbai Police have arrested Hardik Pandya’s stepbrother for allegedly cheating him and his elder brother Krunal of more than Rs 4 crore in polymer business.
The 37-year-old Vaibhav Pandya was arrested on Monday on charges of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery and other relevant sections, reported PTI.
According to a police official, the cricketer brothers and their stepbrother had set up a partnership-based firm in Mumbai and started polymer business in 2021. The siblings invested 40 per cent each, while Vaibhav invested 20 per cent capital.
It was agreed that Vaibhav will handle daily operations of the business with profits to be distributed in the same ratio.
Vaibhav then set up another firm dealing in the same business without informing Hardik and Krunal, thus violating the partnership agreement.
The second company meant that profits of the original partnership firm came down and resulted in a loss of approximately Rs 3 crore.
Vaibhav also reportedly diverted funds of around Rs 1 crore from the partnership with the cricketers to his own account.
When Hardik confronted Vaibhav, he allegedly threatened to tarnish the star allrounder’s reputation.
Hardik’s accountant lodged a complaint at Khar police station, based on which a case was registered and was transferred to the EOW.
Vaibhav was taken into custody by EOW officials the same day.
He was produced in a local court, which remanded him in police custody till Friday.
