Hardik Pandya cheated of ₹4.3 crore, stepbrother arrested
What's the story
Vaibhav Pandya, the stepbrother of cricketers Hardik Pandya and Krunal Pandya, was arrested by Mumbai Police in a cheating and forgery case, ANI said on Thursday.
Vaibhav allegedly cheated his two stepbrothers of approximately ₹4.3 crore in a business partnership, police said, according to the Times of India.
The Economic Offences Wing arrested Vaibhav on Wednesday. The two Pandya brothers are yet to make an official comment on the matter.
Fraud details
Business venture turns sour for Pandya brothers
According to reports, the three had jointly launched a polymer business three years ago.
Hardik and Krunal invested 40% of the capital each, while Vaibhav contributed 20%.
Profits were to be divided according to these shares.
However, Vaibhav allegedly set up another company in the same industry without his stepbrothers' knowledge—breaching the agreement and causing an estimated loss of ₹3 crore for the two.
Vaibhav is also accused of covertly increasing his profit share from 20% to 33.3%.
Vaibhav's arrest
Hardik filed police complaint against stepbrother
Reports also indicate that Vaibhav was arrested following a complaint filed by Hardik.
Meanwhile, Hardik has remained in the spotlight ever since taking over as captain of the Mumbai Indians, replacing Rohit Sharma.
The decision to remove Sharma as captain has been met with disapproval from fans.
Hardik's tenure as captain began on a challenging note, with MI losing their first three matches.
However, the franchise managed to secure a victory in their last game against Delhi Capitals.