Relationship Issue: Hardik Pandya’s stepbrother discusses the Rs. 4.3 crore cheating controversy
Vaibhav, the stepbrother of cricketer siblings Hardik and Krunal Pandya, who was detained on Friday for allegedly defrauding them of Rs 4 crore in a business venture, informed a Mumbai court that the whole situation was a family issue and was simply misunderstood. During his remand hearing, Vaibhav Pandya made the submission via his legal representative. His detention by the police was prolonged until April 16. On Monday, the Economic Offenses Wing of the Mumbai police detained him on allegations of criminal conspiracy, criminal intimidation, criminal breach of trust, forgery, and other pertinent sections. After his first police remand ended on Friday, he was produced before extra chief metropolitan magistrate L S Padhen.
Niranjan Mundargi, Vaibhav’s attorney, stated in court at the hearing that “it was a family matter and the case has been filed due to misunderstanding” and that efforts were being made to address the issue. Mundargi added that his client was assisting with the investigation and did not oppose to the police’s request for an extension of remand. Since the investigation was ongoing and significant information had not yet been retrieved from the accused, the EOW had requested a seven-day extension of remand.
After hearing all sides of the argument, the magistrate stated that although the investigative agency had made headway in the inquiry, more time was needed to question the accused because of the case’s numerous financial ramifications. Vaibhav, Hardik, and Krunal allegedly formed a polymer firm together in Mumbai in 2021. Vaibhav contributed 20% of the money, while Hardik and Krunal contributed 40% each. The profit-loss ratio remained constant at 2:1:1.
According to the police, Vaibhav was designated to oversee the day-to-day operations of the company. However, he is accused of breaching the partnership agreement by founding a second company engaged in the same industry without disclosing this information to Hardik and Krunal. This event caused the original firm’s profits to decline, costing Hardik and Krunal a loss of Rs. 3 crore, while Vaibhav’s personal profit climbed by 20–33 per cent.According to the police, the accused also reportedly transferred about Rs 1 crore from the company to his personal account, costing the cricketer siblings a total of Rs 4 crore.
