- By Kamal Kumar
- Thu, 11 Apr 2024 05:16 PM (IST)
- Source:JND
Who Is Vaibhav Pandya: Vaibhav Pandya, stepbrother of Mumbai Indians captain Hardik Pandya, was arrested by the Economic Offence Wing of Mumbai police for duping Pandya brothers of over 4 crore rupees. It is reported that the 37-year-old Vaibhav Pandya has diverted funds valued at Rs 4.3 crore from a partnership firm owned by three brothers, causing grave financial loss to Hardik Pandya and Krunal Pandya. Notably, the case relates to a polymer company, three brothers had founded in 2021 with certain terms and conditions.
According to the terms of business partnership, both Hardik and Krunal Pandya invested 40 per cent each, whereas, Vaibhav invested 20 per cent of the capital and took care of day-to-day business activities. The profits were to be distributed according to the 40-40-20 ratio. However, Vaibhav allegedly violated the agreement by secretly opening another company involved in the same business, without informing his brothers. This led to a decline in profits for the original partnership. The Pandya duo also alleged that Vaibhav also increased his share of profit from 20 per cent to 33 per cent.
Who is Vaibhav Pandya
Vaibhav Himanshu Pandya has described himself as an entrepreneur, Start-Up Investor and authorised RIL Dealer for Polymer (PP, PE) for Central & South Gujarat. A commerce graduate, Vaibhav has worked with companies such as American Express and Vodafone Essar in the past. His LinkedIn profile also defines him as a co-founder of Alupac Ventures Pvt Ltd.
Vaibhav Pandya News: legal action taken
Vaibhav Pandya is facing legal trouble, charged with deceiving and falsifying documents, as per Mumbai Police's EOW officials. His arrest stems from a complaint filed against him. Allegedly, Vaibhav's actions caused a loss of Rs. 3 crore to the original partnership, leading to legal action against him.