No Interim Relief for Medikabazaar Board Members in ₹264-Crore Alleged Corporate Fraud Case

Jagran Desk

The Economic Offences Wing (EOW) of Mumbai Police has launched a probe into an alleged ₹264-crore corporate fraud involving Boston Ivy Healthcare Solutions Pvt Ltd, the parent company of online B2B medical-supplies marketplace Medikabazaar.

The FIR follows a complaint by Vivek Tiwari, the company’s co-founder and former CEO, alleging large-scale fund diversion, financial irregularities, ESOP trust manipulation, and an attempt to oust him from the company by the current board and foreign investor partners. The complaint, initially filed at MIDC Police Station, was later transferred to the Corporate Fraud Cell of the EOW.

The FIR names several current board members and investors as accused, including Pinak Ashok Shrikhande, Nitish Prasad Bandi, Jens van Nieuwenborgh, Ravishankar Gopalakrishnan, Charles Antoine Emmanuel T Janssen, Dinesh Lodha, and Raman Chawla. According to the EOW, the alleged offences took place between 2024 and 2025, following the abrupt removal of co-founders Vivek Tiwari and Ketan Malkan from key management roles.

Key allegations in the complaint include:

Diversion of over ₹264 crore from company accounts to non-existent entities.
Creation of an ESOP trust in January 2025 with a ₹15-crore loan from the company to buy shares at undervalued rates, diluting the founders’ 13% stakes.
Execution of high-value transactions without board approval, reportedly causing direct losses of ₹68 crore to the founders.
Alleged involvement of Raman Chawla (CFO) and Ravishankar Gopalakrishnan (COO & Director) in facilitating these irregular transactions under the direction of investor representatives.

The FIR also cites anonymous emails, WhatsApp voice notes, and a Grant Thornton report highlighting alleged misconduct, including threats to co-founder Tiwari to relinquish his shareholding or face criminal proceedings. Investor partners Creaegis, Healthquad, and Ackerman Van Haaren are reportedly implicated in unauthorised financial manipulations and share allotments.

The EOW has registered the case under Sections 316(5), 344, 351, 61(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS), 2023, covering offences of cheating, criminal breach of trust, and criminal conspiracy. Authorities describe the matter as a “structured corporate fund siphoning mechanism”, making it one of the largest corporate fraud probes in the Indian health-tech sector in recent years.

At present, Ravishankar Gopalakrishnan and Pinak Ashok Shrikhande have sought anticipatory bail. The court, after hearing the matter, declined to grant interim relief, and the case is listed for further proceedings.