Fans all around India have been enthralled by Hardik Pandya’s ascent to prominence as one of the game’s most promising prospects. The captain of the Mumbai Indians’ feel-good narrative, however, recently took an unexpected turn when his own stepbrother found himself at the center of a significant financial fraud probe. The 37-year-old stepbrother of Hardik, Vaibhav Pandya, was unexpectedly taken into custody by the Mumbai Police’s Economic Offenses Wing (EOW) on allegations of fraud, forgery, and criminal intimidation. Vaibhav is facing surprising and serious allegations that he stole an astounding ₹4.3 crore from a joint enterprise he had established with Hardik Pandya and his brother Krunal.
The Joint Business
The three brothers started a polymer company together three years ago, which is when the story started. In accordance with the terms of the partnership agreement, Vaibhav donated the remaining 20% of the money and was given daily management of the company along with 40% each from Hardik and Krunal. The distribution of the profits was to take this into account.
The Claim Against Vaibhav Pandya
However, according to the police investigation, Vaibhav blatantly broke the terms of this arrangement. It is believed that he opened a second company in the same sector without telling his siblings, who play cricket. Due to this, the original firm’s profits significantly decreased, resulting in an estimated loss of ₹3 crore. However, Vaibhav’s deceit didn’t end there. In addition, he is charged with surreptitiously raising his own profit share from 20% to 33.3% in order to further benefit himself at Krunal and Hardik Pandya’s expense. Just to make matters worse, Vaibhav is alleged to have moved an astounding ₹1 crore from the partnership’s account to his own funds.
Hardik Pandya Files Complaint
It has been stated that Vaibhav threatened the Pandya brothers in an effort to frighten them and damage their reputation when they questioned him about the losses and his questionable actions. This betrayal of trust saddened Hardik Pandya, who had trusted his stepbrother to oversee their entrepreneurial endeavor. The cricket player was eventually forced to lodge an official complaint with the Mumbai Police, starting the legal process, after he had run out of other options.
With little delay, the EOW moved to apprehend Vaibhav on suspicion of fraud, forgery, criminal breach of trust, and criminal intimidation. After his appearance before a municipal court, he was placed under arrest by the police until April 12. The Mumbai Police are allegedly considering making more arrests as the inquiry develops, implying that Vaibhav’s potential accomplices may have been involved in this complex scam. In the meantime, all the Pandya brothers can hope for is the prompt administration of justice and the recovery of the ₹4.3 crore that they have been defrauded of.
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