Hardik Pandya’s Stepbrother Custody Extended in Rs 4 Crore Cheating Case

Vaibhav Pandya is the stepbrother of Indian cricketers Hardik Pandya and Krunal Pandya, who have been arrested by the Mumbai police for allegedly cheating a cricketer of Rs 4 crore.

Vaibhav’s lawyer misrepresented claims in court during the hearing and stated that there are some misunderstandings and it’s a family matter, yet the court has extended their police custody until April 16th.

Vaibhav Pandya was arrested by the Mumbai Police’s Economic Offence Wing on Monday on charges of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery, and other relevant sections.

Earlier, after their initial remand, they were presented before Additional Chief Magistrate (Esplanade Court) L S Padhen on Friday. Even then, their lawyer stated that it’s a family matter and the case arose due to a misunderstanding and that Vaibhav was in the process of resolving the matter amicably.

However, Vaibhav Pandya’s lawyer stated that he is cooperating with the police while in custody and is answering all questions posed to him. But the EOW has stated that their investigation and inquiry are not yet complete, and they need more time, hence the extension of custody. The Magistrate found EOW’s investigation update satisfactory and extended the custody to complete it.

According to the police, Vaibhav, Hardik, and Krunal Pandya jointly set up a Polymer Business in Mumbai in 2021. In this business, Hardik Pandya invested 40%, Krunal Pandya invested 40%, and Vaibhav invested 20%, with a profit-loss ratio of 2:2:1.

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Vaibhav Pandya was responsible for managing daily operations, but he secretly formed another company without informing his brothers, which goes against the policies of partnership firms.

Due to this secret company, the original company, in which Hardik and Krunal were partners, incurred a loss of Rs 3 crore, while Vaibhav’s new secret company made a profit of more than 30%. According to reports, Vaibhav also transferred some Rs 1 crore from the company to his personal account, totaling a cheating of Rs 4 crore with Hardik and Krunal Pandya.

Investigations are ongoing, and we will update you on further developments as soon as possible.