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Hardik Pandya’s Stepbrother Vaibhav Sent to EOW Custody Till April 16. Know The Case Here?

Vaibhav Pandya, the lesser-known stepbrother of cricketers Hardik and Krunal Pandya, has been remanded to Economic Offences Wing (EOW) custody until April 16, a day after he was arrested for allegedly cheating his siblings in polymer business to the tune of more than ₹4 crore.

Vaibhav Pandya, 37, was apprehended by Mumbai police on Monday on charges of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery, and other relevant sections of the Indian Penal Code.

What’s the case?

A police official familiar with the case said that the Pandya brothers, along with Vaibhav, had established a partnership-based firm in Mumbai for polymer business operations in 2021.

The arrangement dictated that each sibling would invest 40 per cent capital, while Vaibhav contributed 20 per cent. It was agreed that Vaibhav would oversee daily business operations, with profits to be distributed accordingly.

However, Vaibhav purportedly established another company in the same industry without informing his brothers, thus breaching the partnership agreement.

This action allegedly led to a decrease in profits for the original firm, resulting in an approximate loss of ₹3 crore. During this period, Vaibhav reportedly increased his own profit by 20 to 33 per cent and caused a loss to Hardik and Krunal.

It is also alleged that Vaibhav diverted funds from the partnership account to his personal accounts, amounting to around ₹1 crore.

When confronted by Hardik and Krunal about his actions, Vaibhav allegedly resorted to threats, claiming he would tarnish their reputations if they pursued the matter.

Following a complaint lodged by the Pandya brothers’ accountant at Khar police station, an investigation was initiated, and the case was subsequently transferred to the Economic Offences Wing.

Vaibhav has been charged under sections 420 (cheating), 406 (criminal breach of trust), 408 (criminal breach of trust by an employee), 465 (forgery), 467 (forgery of valuable security), 471 (using as genuine a forged document or electronic record), 34 (common intention), 120 B (criminal conspiracy), and 506 (criminal intimidation) of the Indian Penal Code.

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(Source: HT)

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