Vaibhav Pandya, the stepbrother of cricketer siblings Hardik and Krunal Pandya, who was cheating on Friday for allegedly defrauding them of Rs 4 crore in a business venture, informed a Mumbai court that the whole situation was a family issue and was simply misunderstood.
During his remand hearing, Vaibhav Pandya (37), through his lawyer, made the submission. His arresrt by the police was extended until April 16. On Monday, the Economic Offenses Wing (EOW) of the Mumbai police detained him on allegations of criminal conspiracy, criminal breach of trust, criminal intimidation, criminal forgery, and other pertinent sections.
After his first police remand ended on Friday, he was produced before additional chief metropolitan magistrate (Esplanade court) L S Padhen.
During the hearing, Niranjan Mundargi, Vaibhav’s laywer, said to the court that it was a family matter and the case has been filed due to misunderstanding and that the attempts are being made to find a solution.
Additionally, Mundargi said that his client was assisting with the investigation and had no issues with the police-requested remand extension. The EOW requested a seven-day extension of remand, arguing that the investigation was incomplete and that significant material had not yet been retrieved from the accused.
After hearing all sides of the argument, the magistrate said that although the investigative agency had made headway in the inquiry, more time was needed to question the accused because of the case’s numerous financial aspect.
Vaibhav, Hardik, and Krunal allegedly formed a polymer firm together in Mumbai in 2021. Hardik and Krunal contributed 40% each while Vaibhav contributed 20% of the money. The profit-loss ratio remained constant at 2:2:1.
According to the police, Vaibhav was designated to oversee the day-to-day operations of the company. However, he is accused of breaching the partnership agreement by founding a second company engaged in the same industry without disclosing this information to Hardik and Krunal.
This incident caused the original firm’s profits to decline, costing Hardik and Krunal a loss of Rs. 3 crore, while Vaibhav’s personal profit climbed by 20–33 percent.
The accused also reportedly transferred about Rs 1 crore from the company to his personal account, costing the cricketer siblings a total of Rs 4 crore, as per police.