The Mumbai police have arrested Hardik Pandya's stepbrother, Vaibhav Pandya, for allegedly defrauding the star cricketer and his brother Krunal of approx. INR 4.3 crore in a business collaboration.
As per a report published by the Times of India, the Economic Offences Wing of Mumbai police mentioned that Vaibhav allegedly cheated both Hardik and Krunal of around INR 4.3 crore. The arrest has been made based on the charges of cheating and forgery.
Notably, the three brothers - Krunal, Hardik and Vaibhav established a polymer business in 2021. As per the investment deal, Krunal and Hardik agreed to put 40% of the total money each whereas Vaibhav agreed to pump 20 per cent of the total capital and to manage the operational side of things.
However, Vaibhav put up yet another business entity in the same stream without the knowledge of Hardik and Krunal which breached the term and conditions of the partnership between the three brothers.
It has been alleged that Vaibhav stealthily increased the margin of his profits from 20 to 33.3% which led to a loss to Krunal and Hardik.
Meanwhile, Hardik will be in action on Thursday (April 11) as Mumbai Indians (MI) take on Royal Challengers Bengaluru (RCB) at the Wankhede Stadium. Hardik and MI haven't had the best of starts to the season. They lost three games on the trot before tasting their first success against Delhi Capitals (DC) on their home turf.
Mumbai are eighth on the points table, just above RCB and DC.
Mumbai Indians IPL 2024 squad:
Rohit Sharma, Ishan Kishan (wk), Suryakumar Yadav, Tilak Varma, Hardik Pandya (c), Tim David, Mohammad Nabi, Romario Shepherd, Piyush Chawla, Gerald Coetzee, Jasprit Bumrah, Akash Madhwal, Kwena Maphaka, Naman Dhir, Nehal Wadhera, Shams Mulani, Dewald Brevis, Nuwan Thushara, Vishnu Vinod, Shreyas Gopal, Luke Wood, Arjun Tendulkar, Kumar Kartikeya, Shivalik Sharma, Anshul Kamboj
