Indian cricketer Hardik Pandya‘s stepbrother, Vaibhav Pandya, was arrested by the Mumbai Economic Offence Wing (EOW) on April 10 for allegedly cheating Hardik and Krunal Pandya out of ₹4.3 crore in a business venture. Vaibhav is accused of diverting ₹1 crore from a polymer business that the three brothers started in partnership, with Hardik and Krunal each investing 40 percent, while Vaibhav contributed the remaining 20 percent.
Vaibhav, responsible for managing the business’s daily activities, breached the partnership agreement by establishing a separate private company, resulting in financial losses for Hardik and Krunal. On Friday, April 12, Vaibhav appeared before the Esplanade court, where his lawyer Niranjan Mundargi informed additional chief metropolitan magistrate LS Padhen that the case against his client stemmed from a misunderstanding.
“It was a family matter and the case has been filed due to misunderstanding.” Mundargi was quoted as saying by NDTV.
It’s notable that initially, the profit-sharing ratio among the three brothers was established at 2:2:1 based on their initial investments, with Vaibhav receiving 20 percent of the profits. However, he purportedly raised it to 33 percent without informing Hardik and Krunal.
Hardik Pandya is leading the Mumbai Indians in the current IPL season
In cricket, Hardik Pandya has taken over the captaincy of Mumbai Indians (MI) in the current season of the Indian Premier League (IPL 2024). He assumed the leadership role from Rohit Sharma, the previous captain of the five-time champions, after being transferred to Mumbai from Gujarat Titans (GT) in a cash-only transaction.
MI’s season commenced with three consecutive defeats, but the team rebounded strongly with convincing victories over Delhi Capitals (DC) and Royal Challengers Bengaluru (RCB).
Currently, under the leadership of Hardik Pandya, they sit in seventh place in the IPL 2024 standings with two wins from five matches. Their next match is against Chennai Super Kings (CSK) at Wankhede Stadium on Sunday, April 14.
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