|
The Economic Offences Wing (EOW) of the Mumbai Police has registered a case of alleged corporate fraud and is probing the diversion of approximately more than Rs. 264 crore in company funds against the current board of directors of Boston Ivy Healthcare Pvt Ltd, which operates the online B2B medical-supplies platform Medikabazaar, along with its foreign investor partners namely Healthquad, Creaegis, Ackerman Van Haaren, Kois Invest and others.
The FIR, initially lodged at MIDC Police Station and later transferred to the EOW Corporate Fraud Cell, is based on a complaint filed by Vivek Tiwari & Ketan Malkan, both promoters, founders, board members, 13% shareholders each in the company.
The case has been registered under Sections 316(5), 344, 351, 61(2) and 3(5) of the Bharatiya Nyaya Sanhita (BNS), 2023 covering offences such as cheating, criminal breach of trust and conspiracy against the current board members Pinak Ashok Shrikhande, Nitish Prasad Bandi, Jens van Nieuwenborgh, Ravishankar Gopalakrishnan, Charles Autoine Emmanuel T Janssen, Dinesh Lodha and Raman Chawla.
As per the FIR, the alleged offenses occurred between 2024 to 2025, when both co-founders were abruptly removed from the company’s Board and senior management positions, eliminating their ability to oversee operations and financial transactions.
Following their removal, the accused directors and foreign partners allegedly allotted shares to an Employee Stock Option (ESOP) Trust at undervalued rates, diluting each complainant’s 13 % stake.
As per the FIR, it reveals that Raman Chawla, CFO and Ravishankar Gopalakrishnan COO and director of Medikabazaar, allegedly executed and facilitated the financial irregularities, fund diversion, and fraudulent transactions under the direct guidance and instructions of the current investors Creaegis, Healthquad, Ackerman & Van Haaren and their representatives, thereby playing a central role in the alleged Rs. 68 crore corporate fraud and Rs. 264 crore fund siphoning under investigation.
|