The corporate tussle at B2B medical supply platform Medikabazaar has escalated, with co-founder Vivek Tiwari filing a police complaint alleging a ₹264 crore fraud involving the company’s board and foreign investors.
According to the FIR lodged at the MIDC Police Station on October 30 and later transferred to the EOW Corporate Fraud Cell, Tiwari has accused directors from Creaegis, Healthquad, and Ackerman Van Haaren of diverting company funds to fictitious entities, including M/s Jai Ambe Sales Agency and over 30 other firms.
The complaint names CEO Dinesh Lodha, CFO Raman Chawla, COO Ravishankar Gopalakrishnan, and investor-directors Pinak Shrikhande, Nitish Bandi, Jens van Nieuwenborgh, and Charles Antoine Janssen.
Tiwari, who was removed as CEO in August 2024, claimed that the alleged fraud took place between April 2024 and August 2025, causing a ₹68 crore loss to the founders due to dilution of their 26.06% stake.
He further alleged that the board orchestrated a “corporate coup” to oust the founders and revoke their special rights. The FIR claims that an ESOP Trust was unlawfully created in January 2025, funded with a ₹15 crore loan to purchase shares at a discounted rate — diluting the founders’ holdings below 25%, thereby removing their right to block board resolutions.
Tiwari also accused some investor-directors of coercion and intimidation, citing a WhatsApp voice message from Janssen threatening him to surrender his shares or face criminal action. Co-founder Ketan Malkan was allegedly forced to resign while being hospitalized for mental distress.
The complaint follows a December 2023 whistleblower report that had accused Tiwari, Malkan, and CFO Chawla of financial irregularities. A PwC forensic audit reportedly flagged inflated sales, fictitious inventory, and round-tripping transactions. PwC later resigned as auditor, and Tiwari was terminated “for cause” in August 2024.
Separately, the Delhi Police’s EOW filed an FIR in April 2025 against Tiwari, alleging he siphoned over ₹100 crore from the company — an accusation he has denied.
A spokesperson for Boston Ivy Healthcare Solutions Pvt. Ltd., which operates Medikabazaar, refuted Tiwari’s claims, calling them “misleading” and “malicious.”
“We deny the misleading allegations made by former CEO Vivek Tiwari, who himself has been involved in fraudulent activities and financial mismanagement,” the company said in a statement. “We have already initiated legal proceedings, and since the matter is sub-judice, it would be inappropriate to comment further.”
The spokesperson added that under the new management and board, Medikabazaar has strengthened governance, restored customer trust, and continues to focus on transparency, innovation, and sustainable growth in the healthcare supply chain sector.
