According to the latest report, Mumbai Police’s Economic Offenses Wing arrested Vaibhav Pandya, the brother of Hardik Pandya, in connection with an alleged business fraud amounting to INR 4 crore. The report suggests that Vaibhav Pandya is accused of scamming his brother in their polymer business.
In 2021, the Pandya brothers collaborated to launch their polymer business. Hardik Pandya and Krunal Pandya each owned 40 percent of the shares, while Vaibhav Pandya owned the remaining 20 percent.
The brothers agreed to divide the profits according to the mentioned ratio.
Even though their business was doing well, Vaibhav Pandya, who was in charge of running the company, reportedly moved the profits to another company instead of dividing them as agreed.
Vaibhav Pandya opened it as a startup and it was never a company. The complaint was lodged with the Mumbai Police, who have since arrested Vaibhav Pandya. He is currently in police custody for at least five days.
The decision sparked strong disagreement and anger from the two Pandya brothers (Hardik and Krunal). After suffering a loss of about INR 4.3 crore, the Mumbai Indians captain filed a complaint against his brother, accusing him of running a fraudulent business.
