Stepbrother Vaibhav Pandya, arrested for allegedly defrauding cricketers Hardik and Krunal Pandya of Rs 4 crore, claimed in court on 12th April that it was a family issue and a misunderstanding.
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Mumbai: Vaibhav Pandya, stepbrother to renowned cricketers Hardik and Krunal Pandya, is currently entangled in a legal dispute regarding accusations of embezzling Rs 4 crore from a shared business endeavor.
During a court session on Friday, the 37-year-old, represented by his legal counsel, asserted that the situation is simply a “family matter” and arose from a “misunderstanding”. These statements were made during a remand hearing, wherein the court opted to extend his police custody until April 16.
The Mumbai Police’s Economic Offences Wing (EOW) apprehended Vaibhav earlier in the week, accusing him of engaging in criminal activities including breach of trust, intimidation, conspiracy, and forgery, among others. Presented before the additional chief metropolitan magistrate (Esplanade court) L S Padhen, the dispute that has rocked the Pandya family saw a new twist with the defense portraying the case as a familial misunderstanding.
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During the judicial proceedings, Vaibhav’s lawyer, Niranjan Mundargi, articulated to the court that-
“it was a family matter and the case has been filed due to misunderstanding.”
Mundargi highlighted ongoing efforts towards resolving the dispute amicably and noted his client’s full cooperation with the police investigation. Despite the defense’s stance, the prosecution sought an extension for Vaibhav’s remand, emphasizing the incomplete nature of the probe and the necessity to unearth crucial financial details.
The magistrate, acknowledging the progress made by the investigating team, granted the request for additional time, underlining the complexity of the financial dealings that needed further scrutiny. This business venture, initiated in 2021, saw the Pandya brothers and Vaibhav entering into a partnership to run a polymer business in Mumbai. With Hardik and Krunal contributing 40% each to the capital and Vaibhav the remaining 20%, the profit and loss were to be shared accordingly.
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However, the collaboration turned sour when Vaibhav allegedly established a competing firm without informing the Pandya brothers, diverting profits and around Rs 1 crore of the business’s funds into his own account. This move not only decreased the profits of the initial firm but also purportedly boosted Vaibhav’s earnings by 20-33%, causing significant financial strain on Hardik and Krunal.
