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MUMBAI: The Mumbai Police arrested Vaibhav Pandya, half-brother of cricketers Hardik and Krunal Pandya, in a case of embezzling around Rs 4.3 crore from a business partnership. Hardik and Krunal Pandya filed a police complaint alleging that the 37-year-old Vaibhav had diverted around Rs 4.3 crore from a partnership firm owned by the three brothers, causing substantial financial loss.
All the affairs of the business started by the three were mainly handled by Vaibhav. Hardik and Krunal were busy with cricket so they did not pay attention to the company. But when Vaibhav started another company and invested in it, the brothers approached the police with a complaint.
According to the report, the three individuals jointly set up a polymer business three years ago, with specific terms: the cricketer brothers would invest 40% of the capital each, while Vaibhav would contribute 20% and manage the day-to-day operations. Profits are to be distributed according to these shares. However, Vaibhav has reportedly set up another firm in the same business in violation of the partnership agreement.
As a result, the profit from the original partnership decreased, leading to a loss of about Rs.3 crore. Further, Vaibhav secretly increased his own profit share from 20% to 33.3%, according to the complaint. Vaibhav Pandya has been charged with fraud and forgery by the Financial Offenses Wing of the Mumbai Police in connection with these proceedings. Both Hardy and Krunal are currently participating in the IPL.
Both cricketers are currently busy with Indian Premier League commitments; While Hardik Pandya leads Mumbai Indians, Krunal is playing with Lucknow Supergiants in the 2024 season.
