Who is Vaibhav Pandya? 5 points on Hardik Pandya's stepbrother arrested for allegedly cheating cricketer of ₹4.3 crore
Vaibhav Pandya allegedly cheated Hardik Pandya and Krunal Pandya of over ₹4.3 crore in a business partnership.
Vaibhav Pandya, 37, the stepbrother of cricket players Hardik Pandya and Krunal Pandya, was arrested by Mumbai Police. It is alleged that Vaibhav cheated the cricketers for over ₹4.3 crore in a business partnership. The Times of India reported that Vaibhav is suspected of taking a hefty amount from a joint firm, causing Hardik and Krunal Pandya to suffer a huge financial loss.
About Vaibhav Pandya, Hardik Pandya and Krunal Pandya's partnership firm:
Three years ago, the three of them founded a polymer company with certain conditions. Vaibhav contributed 20% of the business's capital and oversaw day-to-day operations, while Hardik and Krunal invested 40% each. (Also Read: Hardik Pandya, Krunal Pandya soulfully sing Hare Rama Hare Krishna. Watch viral video)
How were the profits divided?
The three had their share of investment in the polymer business, so the profits were to be distributed according to those terms.
How did Vaibhav Pandya violate the partnership?
Vaibhav allegedly broke the terms of the partnership agreement by starting a second business in the same industry without telling his stepbrothers. Profits from the initial collaboration decreased as a result, resulting in an estimated ₹3 crore loss. Furthermore, it's alleged that Vaibhav covertly raised his personal profit share from 20% to 33.3%, which harmed Hardik and Krunal Pandya's finances.
How did Hardik and Krunal react after finding out about the violations?
A police officer told Business Insider that after the cricketer brothers found out about the losses incurred in the company, one of them confronted Vaibhav. However, Vaibhav, in return, threatened him with dire consequences. (Also Read: 'Hardik Pandya is the future. Rohit Sharma...': Sidhu makes enormous India captaincy call for white-ball formats, Tests)
Legal actions against Vaibhav Pandya:
In relation to these actions, Vaibhav Pandya has been charged with cheating and forgery by the Mumbai Police's Economic Offences Wing.
