look news india
Mumbai: The Magistrate Court has recently rejected the bail plea of cricketer Hardik Pandya and Krunal Pandya's brother Vaibhav Pandya. The Pandya brothers had Rs. Police have arrested Vaibhav on charges of 4.25 carat fraud.
The court said that the amount involved in a serious financial crime is huge and the petitioner cannot be granted bail as the investigation is at an initial stage. Additional Chief Metropolitan Magistrate (Esplanade Court) S. P. Shinde gave this order on May 10. A copy of which is now available.
In 2021, the Pandya brothers set up a polymers business. Vaibhav was looking after the daily work. As per the details of the case, Vaibhav violated the contract and opened his own company in the same business and kept both the brothers in the dark, Vaibhav allegedly diverted the money from the Pandya brothers' company to his own company. The profit share in Pandya's company was increased, of which Pandya was not aware. His shares were reduced and his shares were increased allegedly by forging his signature.
Vaibhav was arrested on April 8. Hardik had opposed the bail, arguing that Vaibhav's release on bail could influence witnesses.
The investigation is in the initial stage. Money came into the accused's account twice. Rs 72 lakh has been deposited through bank transactions. The purpose of transferring the money will be known only after inquiry. The petition is dismissed as the amount of the offense is huge and it is a serious offence, the court said.