Mumbai: EOW Books Board Members In Alleged Rs 264-Crore Medikabazaar Fraud Case

The Mumbai Police Economic Offences Wing (EOW) has begun an investigation into an alleged Rs 264-crore corporate fraud linked to Boston Ivy Healthcare Solutions Pvt Ltd, the parent company of the B2B medical-supplies platform Medikabazaar. The probe stems from a complaint filed by co-founder and former CEO Vivek Tiwari, who has accused the company’s current management and foreign investor partners of large-scale financial misconduct and attempting to forcibly remove him from control of the firm.

The FIR, initially registered at the MIDC Police Station and later transferred to the Corporate Fraud Cell, names several board members and investor representatives: Pinak Ashok Shrikhande, Nitish Prasad Bandi, Jens van Nieuwenborgh, Ravishankar Gopalakrishnan, Charles Antoine Emmanuel T Janssen, Dinesh Lodha and Raman Chawla.

According to the complaint, the alleged offences occurred between 2024 and 2025, shortly after both founders, Mr Tiwari and Ketan Malkan, were abruptly stripped of their managerial roles. The FIR describes this as an “illegal ouster” that also affected their shareholder rights.

The FIR states that the current board received a series of anonymous emails accusing senior executives, Raman Chawla (CFO), Jitesh Mathur (CRO) and Vudyagiri Prabhakaran Thirumalai (EVP-Sales), of submitting fabricated invoices and diverting company funds to entities linked to them or their relatives. A report by Grant Thornton, along with a WhatsApp voice note allegedly sent by investor Charles Antoine Janssen warning Mr Tiwari to surrender his stake or face criminal cases, is also referenced.

Key Allegations In The FIR

• Creation of an ESOP trust in January 2025 without proper approvals, followed by a Rs 15-crore loan from the company to the trust to buy shares at heavily undervalued rates, allegedly diluting each founder’s stake by around 13%.
• Diversion of more than Rs 264 crore to shell companies or non-existent entities.
• High-value transactions conducted without board approval or independent valuation, causing an estimated Rs 68-crore loss to the founders and shareholders.
• A “structured mechanism” of fund siphoning allegedly executed by CFO Raman Chawla and COO/Director Ravishankar Gopalakrishnan, purportedly acting on instructions from investor partners Creaegis, HealthQuad and Ackermans & van Haaren.

The EOW has booked the accused under Sections 316(5), 344, 351, 61(2) and 3(5) of the Bharatiya Nyaya Sanhita (BNS), 2023, covering cheating, criminal breach of trust and criminal conspiracy.

Bail Hearing Update

At the latest hearing, accused board members Ravishankar Gopalakrishnan and Pinak Ashok Shrikhande sought anticipatory bail. The court has asked the state to file its response. No interim protection has been granted, and the matter has been posted for the next hearing.
This case is emerging as one of the biggest corporate fraud investigations in India’s health-tech startup ecosystem, highlighting rising concerns over investor-driven financial irregularities in high-growth companies.