Custody of step brother Vaibhav extended in Hardik Pandya Farud case

• Vaibhav Pandya cheated cricketer Hardik of Rs 4 crore
• Vaibhav Pandya's custody extended till April 16 in fraud case
• Mumbai Police adds sections related to criminal conspiracy in economic offenses

Vaibhav Pandya, step brother of cricketers Hardik and Krunal Pandya, has made a disclosure in the court after his arrest in a fraud case of Rs 4 crore. Vaibhav Pandya told a Mumbai court on Friday, April 12, that the entire matter was a family matter and just a misunderstanding. During the remand hearing, Vaibhav Pandya gave this argument through his lawyer. His police custody was extended till 16 April.

Vaibhav Pandya's Rs. 4 crore fraudster arrested

Vaibhav Pandya's Rs. Arrested on charges of fraud of Rs 4 crore. He was detained on Monday by the Economic Offenses Wing-EOW of Mumbai Police on charges of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery and other related sections.

What argument did Vaibhav Pandya give in the court?

During the hearing in Mumbai court, Vaibhav Pandya's lawyer Niranjan Mundargi told the court that this is a family matter and the case has been filed due to misunderstanding. The lawyer said that efforts are on to solve the case. Mundargi further said that his client is cooperating in the investigation and he has no objection to the police's demand to extend his remand.

EOW's grip on Vaibhav Pandya

According to a report, the EOW sought further remand of seven days claiming that the investigation has not been completed and vital information is still not received from the accused. After hearing both the sides, the magistrate said that the investigating agency has shown progress in the investigation and there is a need for it. More time was given to interrogate the accused as there are many financial aspects involved in the case.

What is the whole matter of fraud?

According to the police, Vaibhav, Hardik and Kunal Pandya had started polymer business in partnership in Mumbai in 2021. Cricketers Hardik and Krunal Pandya invested 40 per cent of the capital, Vaibhav Pandya invested 20 per cent and the profit and loss were decided in the equal ratio of 2:2:1. According to the police, it was decided that Vaibhav would handle the day-to-day functioning of the company.

Hardik Pandya established another company related to this business without informing him.

According to the information, Vaibhav Pandya allegedly established another firm involved in the same business without informing Hardik and Krunal Pandya. The provisions of partnership were violated in this process. This reduced the parent firm's profits, resulting in a loss of Rs 3 crore. Whereas Vaibhav's own profit has increased by 20-33 percent. The police said the accused allegedly accepted around Rs 500 from the firm. Rs 1 crore was transferred to his account, due to which Hardik and Krunal Pandya got a total of Rs 1 crore. There was a loss of Rs 4 crore.