Today, 16th April, In a cheating case, the court extended the police custody of Hardik Pandya’s stepbrother until Friday. The decision was made to further investigate the allegations against him. This development comes amidst ongoing legal proceedings related to the case.
Mumbai: In Mumbai, a court extended the police custody of Vaibhav Pandya, the stepbrother of cricketers Hardik and Krunal Pandya, until April 19. Vaibhav, accused of cheating them of Rs 4 crore through a joint business venture, appeared before a magistrate court after his previous remand ended.
The Mumbai Police’s Economic Offences Wing sought the extension for more investigation, which granted as Vaibhav’s lawyer did not oppose the request. His custody extended until Friday.
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Vaibhav, aged 37, apprehended on April 8 for offenses including criminal breach of trust, criminal intimidation, criminal conspiracy, forgery, and other pertinent sections of the Indian Penal Code. He stands accused of defrauding the cricketer brothers, amounting to over Rs 4 crore.
Previously, Vaibhav informed the court that,
“This is a family matter, and the case arose due to a misunderstanding.”
The Pandya brothers, in collaboration with Vaibhav, established a partnership firm in Mumbai and ventured into the polymer business in 2021, according to the police.
Under the partnership agreement, each sibling invested 40% of the capital, with Vaibhav contributing the remaining 20% Vaibhav responsible for managing the daily operations of the business, and profits supposed to be distributed according to these initial investment ratios, as stated by the police.
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It is alleged that Vaibhav secretly started another company in the same industry without informing the Pandya brothers, thereby breaching the terms of the partnership agreement.
The formation of this new company reportedly led to a decline in profits for the original partnership firm, resulting in a loss of approximately Rs 3 crore.
During this period, Vaibhav allegedly increased his own profits by 20 to 33%, causing financial harm to Hardik Pandya and his brother.
Additionally, Vaibhav accused of diverting funds from the partnership account to his personal account, totaling around Rs 1 crore.