Mumbai Police’s Economic Offence Wing arrests Hardik Pandya’s stepbrother, Vaibhav Pandya: The Economic Offence Wing (EOW) of Mumbai Police arrested Vaibhav Pandya, stepbrother of Hardik Pandya, for allegedly defrauding the brothers of nearly ₹4 crore in a business deal.
In 2021, Hardik, Krunal and Vaibhav established a polymer business with a predetermined partnership agreement. In the agreement, Hardik and Krunal had to invest 40 per cent each, while Vaibhav would contribute 20 per cent. The profit distribution was also supposed to take place in the same manner.
However, Vaibhav reportedly breached the agreement by discreetly opening another company engaged in the same business without informing his brothers. It caused a dip in profits for the original partnership.
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“Around this time, profits of the original partnership dropped, causing a loss of ₹3 crore. He allegedly diverted lakhs from the partnership firm’s account to his own, taking ₹1 crore. Confronted by the cricketer, he allegedly threatened to tarnish his reputation,” Times of India reported.
On April 11, Hardik Pandya’s Mumbai Indians (MI) will play Royal Challengers Bengaluru (RCB) at the Wankhede Stadium. MI lost three matches before winning their first on April 7.
Mumbai Indians are sixth in points. After replacing Rohit Sharma as MI captain, Hardik Pandya has faced criticism.
The Economic Times said Vaibhav Pandya’s detention emphasizes partnership agreements and ethical business practices. The case reminds people and corporations to act ethically and transparently to avoid legal complications.
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