Police has arrested Vaibhav Pandya, step brother of Indian cricketers Hardik and Krunal Pandya. Vaibhav is alleged to have committed fraud of about Rs 4.3 crore in business partnership with Hardik-Krunal.
According to a Times of India report, 37-year-old Vaibhav is accused of embezzling about Rs 4.3 crore from a partnership firm. The alleged wrongdoing includes misappropriation of funds and violation of partnership terms.
According to the report, three years ago, three persons jointly established a polymer business with specific terms. The cricketer brothers were to invest 40 percent of the capital while Vaibhav was to contribute 20 percent and manage the daily operations.
The result was that the actual profits of the partnership decreased. There was a loss of about Rs 3 crore. It was also alleged that Vaibhav quietly increased his profit share from 20 percent to 33.3 percent, causing huge financial loss to Hardik and Krunal Pandya.
The Economic Offenses Wing of Mumbai Police has charged Vaibhav Pandya with fraud and forgery in connection with these operations. The Pandya brothers have not given any public statement on this matter.
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