A magistrate court denied bail for Vaibhav Pandya, the stepbrother of cricketers Hardik Pandya and Krunal Pandya, who was arrested by the Mumbai Police for allegedly defrauding his brothers of nearly Rs 4.25 crore.The court stated that the sum involved in the "serious economic offense" was significant, and since the investigation was in its early stages, bail couldn't be granted.
According to the Mumbai Police's Economic Offences Wing (EOW), Vaibhav, along with his brothers, had established a polymer business in 2021. However, he allegedly violated their agreement by setting up his own company, 'Sweta Trading,' without their knowledge, diverting funds from the original business to his own and altering profit shares without their consent.
Vaibhav faces charges including criminal breach of trust, forgery, criminal intimidation, and conspiracy. He was arrested on April 8, with the EOW arguing against bail, alleging that he wrongfully profited from selling polymers through his company.Hardik Pandya's lawyer opposed bail, expressing concern that Vaibhav might tamper with prosecution witnesses if released.
