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Hardik Pandya's stepbrother Vaibhav Pandya was on Wednesday, April 10, 2024, arrested for cheating the Mumbai Indians captain and his elder brother Krunal.
According to The Times of India newspaper, the three had jointly set up a polymer business in Mumbai in 2021. Vaibhav allegedly diverted around Rs 4.3 crores (Rs 43 million) from the partnership firm causing losses to the tune of Rs 3 crore (Rs 30 million).
The stepbrother had set up another business without informing Hardik and Krunal, violating the partnership agreement.
Vaibhav has been charged with cheating and forgery, Mumbai police Economic Offences Wing officers told The Times of India.
While the profits from the original business of the trio dropped by Rs 3 crore, Vaibhav's business saw profits rise from 20 per cent to 33 per cent, causing losses to Hardik and Krunal.
When confronted about diverting the money, Vaibhav allegedly threatened to tarnish Hardik's reputation.