Vaibhav Pandya, the stepbrother of cricketer Hardik Pandya, has been arrested by the Mumbai police for allegedly defrauding Hardik and his brother Krunal of nearly Rs 4.25 crore. The Economic Offences Wing (EOW) revealed that the Pandya brothers, along with Vaibhav, established a polymer business firm in 2021, with Vaibhav responsible for daily operations.
However, Vaibhav purportedly violated the agreement by setting up his own firm in the same business, without informing Hardik and Krunal. Allegedly, he diverted funds from the partnership firm to his own, resulting in a decline in profits. Additionally, he fraudulently increased his profit share in the partnership firm by forging signatures of the Pandya brothers on documents.
When Hardik and Krunal confronted Vaibhav about the discrepancies, he reportedly threatened them. Vaibhav faces charges of cheating, criminal breach of trust, forgery, criminal conspiracy, and criminal intimidation.
Vaibhav was arrested on April 8 and remanded in police custody until April 12. Investigators suspect the involvement of accomplices in aiding Vaibhav’s crimes and anticipate further arrests pending their role clarification.
This incident underscores the importance of vigilance in business partnerships and the legal repercussions of fraudulent activities. Hardik and Krunal’s experience serves as a cautionary tale for entrepreneurs, emphasizing the need for transparency and legal safeguards in business dealings.