Need to probe diversion of funds: EOW
MUMBAI: A metropolitan magistrate court on Friday extended the police custody remand of 37-year-old Vaibhav Pandya, the stepbrother of cricketers Hardik Pandya and Krunal Pandya till April 17, arrested by the Economic Offences Wing (EOW) of the Mumbai police for allegedly duping the brothers of ₹4.25 crore.
EOW requested an extension of EOW’S remand by an additional seven days, citing ongoing investigations and the need to recover material information. The agency informed the court of their intent to interrogate and confront Vaibhav with certain company directors, as t he money from the LLP had been transferred to their accounts. They emphasised the necessity to trace the diversion of funds by Vaibhav and to determine if there were any more individuals involved in the alleged diversion.
Vaibhav’s counsel, advocate Niranjan Mundargi, however, claimed that the case was filed due to some misunderstanding, and they are trying to settle the matter amicably.
“It is a family matter that they were trying to resolve amicably. The complaint was filed due to some misunderstanding. Everything was recovered and nothing remains to be recovered,” said Mundargi. After hearing both sides, additional chief metropolitan magistrate LS Padhen extended Vaibhav’s police custody remand, observing that the agency had shown progress in the investigation. The court noted the financial aspects of the case and determined that the agency required additional time for a thorough investigation and interrogation of the accused in custody. Consequently, Vaibhav’s remand was extended until April 16.
According to EOW officials, Pandya brothers, along with Vaibhav, established an LLP in 2021 for their company, Polymers. Vaibhav allegedly breached agreements by secretly starting a business, diverting funds, and forging signatures. When confronted, he allegedly threatened them, leading to a complaint filed with Khar police and later transferred to EOW. Vaibhav faces charges including cheating, criminal breach of trust, forgery, and criminal intimidation under various sections of IPC.