Who is Vaibhav Pandya, arrested by Mumbai police for stealing Rs 4.3 crore

Vaibhav Pandya, the stepbrother of Mumbai Indians skipper Hardik Pandya, has been arrested by the Economic Offence Wing (EOW) of Mumbai Police for allegedly cheating the Pandya brothers of over ₹4 crore in a business deal. The arrest was made on April 10, following accusations that Vaibhav diverted around ₹4.3 crore from the partnership firm, causing a significant loss to Hardik Pandya and his brother Krunal Pandya.

Violation of Partnership Agreement
The trio had established a polymer business in 2021 with a specific partnership agreement. According to the terms, Hardik and Krunal were to invest 40% of the capital each, while Vaibhav would contribute 20%. The profits were also supposed to be distributed based on this ratio. However, Vaibhav allegedly breached the agreement by secretly opening another firm engaged in the same trade without informing his brothers, leading to a drop in profits for the original partnership.


Legal Action Taken
Vaibhav Pandya has been charged with cheating and forgery, as confirmed by officials from the EOW wing of Mumbai Police. His arrest comes after a complaint was filed regarding the matter. Vaibhav's actions allegedly resulted in a loss of Rs. 3 crore to the original partnership, leading to the legal actions against him.

A source mentioned to Times of India, "Around this time, profits of the original partnership dropped, causing a loss of Rs.3 crore." The source also added, "He allegedly diverted lakhs from the partnership firm's account to his own, taking Rs 1 crore. Confronted by the cricketer, he allegedly threatened to tarnish his reputation."

READ MORE: Mumbai Police arrest Hardik Pandya's step brother for alleged Rs 4 crore cheating

Upcoming Clash Between Mumbai Indians and Royal Challengers Bengaluru
In a separate development, Mumbai Indians (MI) are set to face Royal Challengers Bengaluru (RCB) at the Wankhede Stadium in Mumbai on April 11. Mumbai Indians, after losing their initial three matches, secured their first victory on April 7. Meanwhile, RCB has lost four out of their five matches and currently stands at number 9 in the points table. Google's win probability suggests a 57% chance of MI winning the match against Bengaluru and improving their position in the points table.

Vaibhav Pandya's arrest highlights the importance of adhering to partnership agreements and ethical business practices. The case serves as a reminder for individuals and businesses to conduct their affairs transparently and responsibly to avoid legal consequences.

(With inputs from TOI, ANI)