Image Source: Instagram @ Hardik Pandya & Vaibhav Pandya
Sports News: Indian cricketers Hardik and Krunal Pandya recently found themselves embroiled in a shocking business dispute with their step-brother, Vaibhav Pandya. The Mumbai Police arrested Vaibhav on charges of cheating and forgery, accusing him of duping the cricketing duo of a staggering ₹4.3 crore.
The incident stemmed from a joint business venture the three entered into around 2021. Details suggest they established a polymer trading firm, with Hardik and Krunal contributing 40% of the capital each. Vaibhav, responsible for the remaining 20% and the day-to-day operations, allegedly breached the agreement in multiple ways.
According to reports, Vaibhav set up a separate company in the same industry without informing his step-brothers. This competing business diverted profits from the original partnership, causing an estimated loss of ₹3 crore for the Pandya brothers. Furthermore, Vaibhav is accused of manipulating the profit-sharing structure. The initial agreement stipulated a 20% share for Vaibhav, but he allegedly increased it to 33.3% without their knowledge. This act further eroded the financial interests of Hardik and Krunal.
The alleged deception came to light when the brothers noticed a decline in profits from the joint venture. Upon closer investigation, they discovered irregularities in the company’s financial records. This led them to file a complaint with the Mumbai Police’s Economic Offences Wing (EOW), which subsequently launched an investigation.
The EOW investigation reportedly found evidence of Vaibhav’s alleged misconduct. Police officials claim they found a forged LLP (Limited Liability Partnership) agreement with signatures purportedly belonging to Hardik and Krunal, which Vaibhav may have used to justify his increased profit share.
The incident raises questions about the importance of due diligence and transparency in business partnerships, especially when involving family members. Experts advise having clear and legally binding agreements outlining profit-sharing structures, roles, and responsibilities to avoid such disputes.
This situation serves as a cautionary tale for anyone considering going into business with friends or family. Trust, though important, should be supplemented with strong legal frameworks and financial transparency to safeguard everyone’s interests.
Lawyers representing the Pandya brothers have refrained from commenting on the specifics of the case, citing the ongoing investigation. Vaibhav’s legal team has also not yet issued a public statement.
The cricketing careers of Hardik and Krunal Pandya are likely to remain unaffected by this incident. However, the emotional and financial toll of this alleged betrayal by a close family member cannot be ignored.
