Hardik Pandya’s Stepbrother Speaks Out About Rs 4.3 Crore Cheating Allegations

Vaibhav Pandya, aged 37, made a submission through his lawyer during his remand hearing. His police custody was extended until April 16 by Mumbai police’s Economic Offences Wing (EOW). The charges against him include criminal breach of trust, criminal intimidation, criminal conspiracy, forgery, and other relevant sections.

At the end of his initial police remand on Friday, Vaibhav was produced before the additional chief metropolitan magistrate, L S Padhen at the Esplanade court. During the hearing, Vaibhav’s lawyer, Niranjan Mundargi, stated that it was a family matter and the case had been filed due to a misunderstanding. He added that efforts were underway to resolve the matter and that his client was cooperating with the probe, expressing no objection to the remand extension sought by the police.

The EOW had sought a further remand for seven days, citing incomplete investigation and the lack of recovered material information from the accused. After hearing both sides, the magistrate noted the progress shown by the probe agency and granted the extension, stating that more time was needed to interrogate the accused due to various financial aspects connected to the case. According to the police, Vaibhav, Hardik, and Krunal established a polymer business in partnership in Mumbai in 2021.

Hardik and Krunal invested 40 percent of the capital each, while Vaibhav invested 20 percent, with profit-loss fixed in a 2:2:1 ratio. It was alleged that Vaibhav, without informing Hardik and Krunal, set up another firm involved in the same business, violating the partnership provisions and causing a loss of Rs3 crore to his partners while increasing his own profit by 20-33 percent.