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Kerala Kaumudi Online
Sunday, 19 May 2024 5.06 PM IST

Stepbrother of Hardik Pandya arrested for cheating Pandya brothers

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MUMBAI: The Economic Offence Wing of the Mumbai police have arrested Vaibhav Pandya, stepbrother of cricketers Hardik Pandya and Krunal Pandya for allegedly cheating them of around Rs 4 crore in business.

Vaibhav allegedly diverted around Rs 4.3 crore from the partnership firm, causing a loss to both the Pandya brothers.

The incident took place in 2021. The accused Vaibhav had started a polymer business company with the Pandya brothers, Hardik and Krunal's stake in this company was 40-40%, and Vaibhav had a 20% stake.

According to the allegations, Vaibhav illegally raised his own profit share from 20% to 33.3%, which further harmed Hardik and Krunal Pandya financially.

The profit from the company was to be divided into three in the same ratio. Instead of giving the company's profit money to the Pandya brothers, the accused Vaibhav formed a separate company and transferred the profit amount to it, due to which the Pandya brothers suffered a loss of about Rs 4.3 crore.

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TAGS: HARDIK PANDYA, HARDIK PANDYA STEPBROTHER, PANDYA BROTHERS, VAIBHAV PANDYA ARRESTED
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