A court here has denied bail to cricketers Hardik and Kunal Pandya's stepbrother, arrested for allegedly cheating his siblings in polymer business, saying that it was a serious economic offence and the amount involved in the matter was huge.

The Economic Offences Wing (EOW) of the Mumbai police arrested 37-year-old Vaibhav Pandya in April on the charges of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery and other relevant sections.

Additional chief metropolitan magistrate S B Shinde rejected the bail plea of Vaibhav Pandya on May 10. The detailed order was made available on Wednesday.

He has been accused of cheating cricketers to the tune of more than Rs 4 crore.

Police told the court that the cricketer brothers along with their stepbrother set up a partnership-based firm in Mumbai and started polymer business in 2021.

According to the terms of their partnership business, the siblings invested 40 per cent capital each, while Vaibhav invested 20 per cent. It was decided that Pandya would handle daily operations of the business and the profits were distributed in the same ratio, police said.

Vaibhav then set up another firm dealing in the same business without informing the cricketers and started the business. With this, he violated the partnership agreement.

Due to the new company, the profits of the original partnership firm came down and caused a loss to the company. During this period, he increased his own profits by 20 to 33 per cent by forging the signature of Hardik Pandya and his brother.

Additionally, it was submitted before the court that Rs 72 lakh each were transferred to the account of the accused on two occasions, which in itself shows that Vaibhav cheated his stepbrothers.

Vaibhav, however, in his bail application claimed that supplementary agreement wrongly mentions that his share was 33.33 per cent instead of 20 percent.

He further submits that the cricketers and their family members were using the credit card of the accused, so that amount has been transferred to his account against that. There is no fraud or cheating committed by him, Vaibhav submitted.

Vaibhav further submitted that the informant (Hardik Pandya) and the accused entered into business agreement with one Bhanushali and responsibility in respect of new business was given to Bhanushali.

The accused claimed that Bhanushali did not perform his part and he has not benefited at all from the transaction of the new entity.

The court, after considering the submissions of all the parties, said that from the bank transactions, it appears that on two occasions, an amount of Rs 72 lakh each was transferred to the account of the accused.

"The purpose for the transfer of the amount cannot be inferred unless there is investigation to that effect. Amount involved in the matter is huge. It is a serious economic offence," it said.

Considering the Supreme Court's order, bail cannot be granted to the accused at this stage as investigation in the matter is at the very initial stage, the magistrate said.

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