look news india
Mumbai: A Mumbai court today extended the police custody of cricketer Hardik Pandya and Krunal Pandya's step brother Vaibhav till April 19. Vaibhav is accused of fraud of more than four crores in a joint business venture. Accused Vaibhav Pandya was produced in the Magistrate Court after his previous remand was completed. The Economic Offenses Wing of Mumbai Police requested the court to extend Vaibhav's custody. The court extended Vaibhav's custody till Friday as Vaibhav's lawyer did not oppose the Economic Offenses Wing's application.
On April 8, 37-year-old Vaibhav along with his cricketer brothers paid Rs. Arrested under criminal breach of trust, criminal intimidation, criminal conspiracy, forgery and other relevant sections of the IPC for fraud of more than Rs 4 crore. Earlier, Vaibhav had told the court that this is a family matter and the case has been filed due to misunderstanding.
According to the police, the cricketer brothers, along with Vaibhav, formed a partnership firm in Mumbai and started polymer business in 2021. As per the terms of the partnership, the Pandya brothers invested 40% and Vaibhav invested the remaining 20%. As per the terms, Vaibhav was to oversee the day-to-day operations of the business and share the profits equally. It is alleged that Vaibhav set up another firm in the same business without informing the Pandyabandhus and thereby violated the partnership agreement. With the establishment of the new company, the profits of the original partnership firm reportedly fell and resulted in a loss of approximately Rs 3 crore.
During this period, Vaibhav allegedly increased his profits by 20 to 30 percent and caused loss to Hardik Pandya as well as his brother. Vaibhav also allegedly transferred a sum of around Rs 1 crore from the partnership account to his own account.