Medikabazaar co-founder alleges Rs 264 crore fraud in FIR against board and investors

Medikabazaar

The corporate battle at B2B medical supply platform Medikabazaar has intensified, with co-founder Vivek Tiwari filing a police complaint alleging a Rs 264 crore fraud orchestrated by the company’s board and foreign investors.

The FIR lodged at MIDC Police Station on October 30 and transferred to the EOW Corporate Fraud Cell,  Tiwari accused directors from Creaegis, Healthquad, and Ackerman Van Haaren of diverting company funds to non-existent entities, including “M/s. Jai Ambe Sales Agency” and over 30 other firms. The FIR names CEO Dinesh Lodha, CFO Raman Chawla, COO Ravishankar Gopalakrishnan, and investor-directors including Pinak Shrikhande, Nitish Bandi, Jens van Nieuwenborgh, and Charles Antoine Janssen.Moneycontrol saw a copy of the FIR.

Tiwari, who was ousted as CEO in August 2024, claims the alleged fraud occurred between April 2024 and August 2025 and resulted in a Rs 68 crore loss to the founders, representing the diluted value of their 26.06% stake.

The FIR also alleges a “corporate coup” to remove the founders and strip them of special rights. It claims the board illegally created an ESOP Trust in January 2025, loaned it Rs 15 crore to buy shares at a low price, and diluted the founders’ stake below the 25% threshold — effectively removing their ability to block board decisions.

Tiwari further alleges coercion and threats, including a WhatsApp voice message from Janssen warning him to surrender his stake or face criminal charges. Co-founder Ketan Malkan was allegedly pressured into resigning while hospitalized for mental distress.

The Mumbai FIR follows a whistleblower complaint from December 2023 that had accused Tiwari, Malkan, and CFO Chawla of financial misconduct. A forensic audit by PwC flagged inflated sales, phantom inventory, and round-tripping. PwC later resigned as auditor, and the board terminated Tiwari “for cause” in August 2024.

In April this year, the Delhi Police’s EOW has filed a separate FIR against Tiwari, accusing him of siphoning over Rs 100 crore from the company.

Tiwari has denied all allegations.

Allegations are "misleading"

The spokesperson of Boston Ivy Healthcare Solutions Private Limited which operates Medikabazaar in a statement denied allegations made in the FIR.

"We deny the misleading allegations against the company, its management and shareholders by its former CEO Mr. Vivek Tiwari, who has been involved in malicious and fraudulent activities, including those related to financial mismanagement and financial fraud," the stat

In this regard, we have already taken the legal recourse and it is inappropriate to comment on the same as the matter is sub-judice.

The Company is committed to transforming the healthcare supply chain, and is continuously working towards creating greater value for our customers, partners, and the broader healthcare ecosystem. Over the last 18 months, under the new management team and board leadership, the company has established strong governance and integrity in its operations.

The company has re-established strong trust with the customers and is poised for further scale and sustainability.

The company’s efforts are firmly aligned with enhancing operational transparency, driving innovation, and strengthening trust across every level of engagement with it customers.