The FIR follows a complaint filed by Vivek Tiwari, the company’s co-founder and former CEO, alleging large-scale fund diversion, financial irregularities, and alleged conspiracy to take financial and operational control by the current board of directors and foreign investor partners.
MUMBAI, 12 NOVEMBER, 2025 (TGN): The Economic Offences Wing (EOW) of the Mumbai Police has initiated 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 by Mumbai EOW follows a complaint filed by Vivek Tiwari, the company’s promoter and former CEO, and an enquiry into the matter alleging large-scale fund diversion, financial irregularities, ESOP trust formation and attempt to oust him from the company by board of directors, investors and nominees. The complaint, first registered at the MIDC Police Station and later transferred to the Corporate Fraud Cell of the EOW, names board members and investors, including Pinak Ashok Shrikhande, Nitish Prasad Bandi, Jens van Nieuwenborgh, Ravishankar Gopalakrishnan, Charles Antoine Emmanuel T Janssen, Dinesh Lodha, and Raman Chawla, as accused in the case. According to the FIR, the alleged offences occurred between 2024 and 2025, after both co-founders Mr. Tiwari and Mr. Ketan Malkan were abruptly removed from the company’s key management roles, effectively illegally eliminating their rights. The FIR mentions about series of anonymous emails received by the current board and management against Raman Chawla, Jitesh Mathur (Chief Revenue Officer) Vudyagiri Prabhakaran Thirumalai (Executive Vice President, Sales) had submitted fake bills and diverted company funds to companies under their control and their relatives. There is a mention of Grant Thornton report in the FIR. There is mention of some whatsapp voice note sent by one of the investors Charles Antoine Janssen to Mr Tiwari threatening to relinquish his shareholding in the company or face criminal cases.
The complaint alleges that the current management and investor partners Creaegis, Healthquad and Ackerman Van Haaren were involved in fund diversion, manipulation of financial transactions, and unauthorised share allotments that caused heavy losses to the founders and shareholders. The FIR details several instances of alleged wrongdoing, including: • the board illegally established an employee stock option plan trust in January 2025 and company also provided loan of ₹15 crores to the trust for purchasing shares at grossly undervalued rates, resulting in the dilution of each founder’s 13% stake. • Diversion of over ₹264 crore from company accounts to various non-existent entities • Execution of high-value transactions without independent evaluation or board approval, reportedly causing a direct loss of ₹68 crore to the complainants. The investigation further states that Raman Chawla (CFO) and Ravishankar Gopalakrishnan (COO & Director) allegedly facilitated and executed several of these irregular financial activities under the direction of the company’s investor representatives, forming the core of what authorities have described as a “structured corporate fund siphoning mechanism”. The EOW has registered the case under Sections 316(5), 344, 351, 61(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS), 2023, which cover offences of cheating, criminal breach of trust, and conspiracy. The development marks one of the largest corporate fraud probes in the Indian health-tech sector in recent years, drawing parallels with other high-profile financial misconduct cases involving investor-linked fund diversions in startups.
At the time of reporting, Ravishankar Gopalakrishnan and Pinak Ashok Shrikhande had applied for anticipatory bail. The matter was heard, and a reply was sought from the state. However, the court did not grant any interim relief, and the case has been listed for further hearing.
