Cricketer siblings Hardik and Krunal Pandya’s half-brother Vibhu, who were arrested for allegedly defrauding a business venture of Rs 4 crore, told a Mumbai court on Friday that the whole affair was a family affair and It was just a misunderstanding. Vibhu Pandya (37) made this submission through his lawyer during his remand hearing. His police custody was extended till April 16. He was booked by the Mumbai Police’s Economic Offenses Wing (EOW) on Monday under charges of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery and other related sections.

At the end of preliminary police remand, he was produced before Additional Chief Metropolitan Magistrate (Esplanade Court) LS Padhan.

During the hearing, Vaibhav’s lawyer Niranjan Mondargi told the court that “it was a family matter and the case has been registered due to a misunderstanding” and added that efforts were on to resolve the matter.

Mandergi added that his client is cooperating with the investigation and has no objection to the extension of remand by the police. The EOW had sought another seven-day remand, claiming that the investigation has not been completed and no material information has been recovered from the accused.

After hearing both sides, the magistrate noted that the investigating agency had shown progress in the investigation and needed more time to interrogate the accused as various financial aspects were involved in the case.

According to the police, Vaibhav, Hardik and Karnal set up a polymer business in partnership in Mumbai in 2021. While Hardik and Karnal invested 40% each, Vaibhav invested 20% and the profit and loss was settled in the same 2. :2:1 ratio.

According to the police, it was decided that Vaibhav would handle the day-to-day operations of the business, but he allegedly set up another firm involved in the same business without informing Hardik and Krunal, in the process creating partnership provisions. violated

Due to this development, the profits of the original firm decreased, resulting in a loss of Rs 3 crore to Hardik and Krunal, while Vaibhav’s own profits increased by 20–33%.

The accused allegedly diverted around Rs 1 crore from the firm to his account, resulting in a total loss of Rs 4 crore to the cricketer siblings, police said.

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