A court decision on Tuesday resulted in the extension of Vaibhav Pandya’s police custody until April 19. Vaibhav, the stepbrother of cricketers Hardik and Krunal Pandya, faces allegations of defrauding his siblings of Rs 4 crore in a business venture. The Mumbai Police’s Economic Offences Wing (EOW) had requested the extension to conduct further investigations into the matter, a request that was granted by the court.
Vaibhav, aged 37, is charged with offenses such as criminal breach of trust, criminal intimidation, criminal conspiracy, and forgery. Despite his lawyer, Niranjan Mundargi, not opposing the extension, the custody was prolonged until Friday.
Decoding the dispute in detail
Earlier, Vaibhav had argued that the dispute was merely a result of family misunderstandings. The trio, including Vaibhav, had established a partnership-based firm in Mumbai in 2021, focusing on the polymer business. Each sibling had invested 40% of the capital, with Vaibhav contributing the remaining 20%. The agreement stipulated that Vaibhav would oversee the day-to-day operations, and profits would be distributed accordingly.
However, with the creation of a new company, profits purportedly dwindled, leading to an estimated loss of approximately Rs 3 crore. During this period, Vaibhav allegedly inflated his own profits by 20 to 33%, further exacerbating the losses incurred by his brothers.
As a new company was established, it’s claimed that profits from the initial partnership firm decreased, resulting in an estimated loss of Rs 3 crore. During this time, Vaibhav purportedly boosted his personal profit by 20 to 33%, leading to losses for Hardik Pandya and his brother. Additionally, Vaibhav is accused of transferring funds from the partnership account to his personal one, totaling around Rs 1 crore.
Additionally, he is accused of diverting approximately Rs 1 crore from the partnership account to his personal funds. The case underscores the complexities and potential pitfalls of familial business ventures, especially when financial interests are at stake.
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