Who is Vaibhav Pandya? Why has Mumbai Police's Economic Offence Wing arrested Hardik Pandya's stepbrother?
Pandya Brothers
The Economic Offence Wing (EOW) of Mumbai Police has arrested Hardik Pandya's stepbrother, Vaibhav Pandya, for allegedly cheating the Pandya brothers of over ₹4 crore in a business deal.
They arrested the skipper's stepbrother on April 10. Vaibhav has been accused of diverting around ₹4.3 crore from the company, causing a significant loss to the Pandya brothers.
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.
Meanwhile, Hardik Pandya-led Mumbai Indians (MI) will square off with Royal Challengers Bengaluru (RCB) at the Wankhede Stadium in Mumbai on April 11. MI lost their initial three matches and won their first match on April 7.
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Currently, the Mumbai Indians are in the eighth position in the points table. Hardik Pandya has been facingbacklash after he joined MI as the captain, replacing Rohit Sharma.
Vaibhav Pandya's arrest highlights the importance of following partnership agreements and ethical business practices. The case reminds individuals and businesses to act transparently and responsibly to avoid legal consequences.
(With inputs from agencies)