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Mumbai Police reportedly arrested Indian cricketer Hardik Pandya’s stepbrother Vaibhav Pandya for cheating him and his brother Krunal Pandya of ₹4.3 crores. According to the reports, Vaibhav has been accused of diverting around ₹4.3 crore from a partnership firm. It led to a significant financial loss for the cricketing duo. Notably, Hardik is currently leading the Mumbai Indians in the 2024 edition of the IPL, whereas Krunal is shouldering the responsibility of vice-captain for Lucknow Super Giants.
The report of the Times of India states that the misconduct includes the diversion of funds and violating the partnership terms. The report further states that three of them jointly established a polymer business a few years ago, with a few specific terms. As per it, the cricketers were to invest 40% of the capital each, while Vaibhav would invest 20% and manage daily operations, and the profits were to be shared according to the shares. Check the top betting trends on the best betting sites in India and apps.
The reports added that Vaibhav established another firm without informing Hardik and Krunal and violated the agreement. Hence, the profits of the original firm declined, which led to a loss of ₹3 crore. Not only this, but Vaibhav also increased his profit share from 20% to 33.3%, which had a further impact on the financial losses of Hardik and Krunal.
The TOI reported that when the cricketer confronted Vaibhav, he allegedly threatened to tarnish his reputation. The Economic Offences Wing of the Mumbai Police arrested Vaibhav Pandya on the grounds of cheating and forgery in a business partnership.
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