Home Sports News Alleged ₹4 cr business fraud leads to arrest of Mumbai Indians skipper Hardik Pandya’s stepbrother.

Alleged ₹4 cr business fraud leads to arrest of Mumbai Indians skipper Hardik Pandya’s stepbrother.

by admin
0 comment

Fraud By Hardik Pandya’s stepbrother

Vaibhav purportedly redirected approximately Rs 4.3 crore from the partnership firm, resulting in a loss to Hardik Pandya and his brother Krunal.

Mumbai police arrested Vaibhav Pandya, the lesser-known stepbrother of cricketers Hardik and Krunal Pandya, for allegedly defrauding them of around Rs 4 crore in business.

According to the report, Vaibhav, aged 37, purportedly diverted approximately Rs 4.3 crore from the partnership firm, resulting in a loss to Hardik Pandya and his brother Krunal.

Vaibhav faces charges of cheating and forgery, as per TOI, citing officials from Mumbai Police’s Economic Offences Wing.

The report states that in 2021, the three brothers established a polymer business. Hardik and Krunal contributed 40% of the capital each, while Vaibhav contributed 20%.

fraud
Image : The Economic Times

Subsequently, Vaibhav established another firm in the same trade without informing the Pandya brothers, breaching the agreement.

Nevertheless, the stepbrother established another firm in the same trade without informing his siblings, violating the partnership agreement. Meanwhile, the original partnership witnessed a profit decline, resulting in a Rs.3 crore loss. Simultaneously, Vaibhav clandestinely raised his profit share from 20% to 33.3%, inflicting significant losses on the cricketer and his brother. Allegedly, the stepbrother diverted a substantial sum from the partnership firm’s account to his own, amounting to Rs 1 crore. When confronted, he purportedly threatened to damage the cricketer’s reputation.

You might also be interested in: Kashmiri cricket bat makers are considering legal action against Shark Tank India’s claims and are seeking INR 500 crores in compensation

Visited 15 times, 1 visit(s) today

You may also like

Leave a Comment