"A family matter" - Hardik Pandya's stepbrother Vaibhav on ₹4.3 crore cheating case
Indian cricketer Hardik Pandya's stepbrother Vaibhav Pandya was arrested by the Economic Offence Wing (EOW) in Mumbai on April 10 for allegedly cheating Hardik and Krunal Pandya for ₹4.3 crore in a business venture.
Vaibhav is accused of diverting the ₹1 crore from a polymer business started by the three brothers in partnership to his own account. It was reported that Hardik and Krunal had each invested 40 percent in the business in 2021, while Vaibhav had funded the remaining 20 percent.
Vaibhav, who handled the day-to-day operations of the business, violated the partnership by setting up a private firm, causing losses to Hardik and Krunal.
On Friday, April 12, Vaibhav was produced before the Esplanade court. His lawyer Niranjan Mundargi told additional chief metropolitan magistrate LS Padhen that the case filed against his client was due to a misunderstanding.
"It was a family matter and the case has been filed due to misunderstanding." Mundargi was quoted as saying by NDTV.
It is worth mentioning that the profit-sharing ratio between the three brothers was set at 2:2:1 as per their initial investment, with Vaibhav getting 20 percent of the profits. However, he also allegedly increased it to 33 percent, without the notice of Hardik and Krunal.
Hardik Pandya is captaining Mumbai Indians in the ongoing IPL 2024
On the cricketing front, Hardik Pandya is captaining Mumbai Indians (MI) in the ongoing season of the Indian Premier League (IPL 2024). He replaced Rohit Sharma as the skipper of the five-time champions after being traded to Mumbai from Gujarat Titans (GT) in an all-cash deal.
MI's campaign began on a disastrous note, with the team suffering three back-to-back losses. However, the side bounced back by securing comprehensive wins against Delhi Capitals (DC) and Royal Challengers Bengaluru (RCB).
With two wins from five outings, the Hardik Pandya-led side are placed in seventh in the IPL 2024 points table. They take on Chennai Super Kings (CSK) at Wankhede Stadium on Sunday, April 14.