Mumbai: A court here on Tuesday extended till April 19 the police custody of cricketer siblings Hardik and Krunal Pandya's half-brother Vaibhav, accused of committing a fraud of Rs 4 crore through a joint business venture.
Accused Vaibhav Pandya was produced in the magistrate court after his previous remand ended.
The Economic Offenses Wing (EOW) of Mumbai Police requested the court to extend Vaibhav's custody for further investigation. Since Vaibhav's lawyer Niranja Mundargi did not oppose the EOW's plea, the court extended his custody till Friday.
Vaibhav, 37, was arrested on April 8 under sections of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery and other relevant sections of the Indian Penal Code for defrauding the cricketer brothers of over Rs 4 crore.Earlier, Vaibhav had told the court that 'this is a family matter and the case has been filed due to misunderstanding.'
According to the police, the cricketer brothers, along with Vaibhav, set up a partnership-based firm in Mumbai and started a polymer business in 2021.
As per the partnership terms of the venture, the siblings invested 40 percent and Vaibhav invested the remaining 20 percent. Police had said that as per the terms, Vaibhav was to handle the daily operations of the business and distribute the profits in the same proportion.
It is alleged that Vaibhav set up another firm dealing in the same business without informing the Pandya brothers, thus violating the partnership agreement.With the setting up of a new company, the profits of the original partnership firm reportedly reduced, leading to a loss of around Rs 3 crore.
During this period, Vaibhav allegedly increased his profits by 20 to 33 percent and caused losses to Hardik Pandya and his brother. Vaibhav reportedly transferred the money from the partnership account to his own account, amounting to around Rs 1 crore.
Accused Vaibhav Pandya was produced in the magistrate court after his previous remand ended.
The Economic Offenses Wing (EOW) of Mumbai Police requested the court to extend Vaibhav's custody for further investigation. Since Vaibhav's lawyer Niranja Mundargi did not oppose the EOW's plea, the court extended his custody till Friday.
Vaibhav, 37, was arrested on April 8 under sections of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery and other relevant sections of the Indian Penal Code for defrauding the cricketer brothers of over Rs 4 crore.Earlier, Vaibhav had told the court that 'this is a family matter and the case has been filed due to misunderstanding.'
According to the police, the cricketer brothers, along with Vaibhav, set up a partnership-based firm in Mumbai and started a polymer business in 2021.
As per the partnership terms of the venture, the siblings invested 40 percent and Vaibhav invested the remaining 20 percent. Police had said that as per the terms, Vaibhav was to handle the daily operations of the business and distribute the profits in the same proportion.
It is alleged that Vaibhav set up another firm dealing in the same business without informing the Pandya brothers, thus violating the partnership agreement.With the setting up of a new company, the profits of the original partnership firm reportedly reduced, leading to a loss of around Rs 3 crore.
During this period, Vaibhav allegedly increased his profits by 20 to 33 percent and caused losses to Hardik Pandya and his brother. Vaibhav reportedly transferred the money from the partnership account to his own account, amounting to around Rs 1 crore.
