Delhi Police register FIR against Medikabazaar’s co-founder Vivek Tiwari

The Economic Offences Wing (EOW) of Delhi Police has registered a First Information Report (FIR) against Medikabazaar’s co-founder, Vivek Tiwari, charging him with criminal breach of trust, cheating, forgery, and falsification of accounts.

The EOW action follows Tiwari’s recent removal from Medikabazaar’s board amid allegations of financial misreporting. In a regulatory filing, Boston Ivy Healthcare Solutions—the parent company of Medikabazaar—accused Tiwari and 13 others including Ketan Malkan, Akshar Patel, Rakesh Parmar, Rvikumar Yadav, Manoi Mani, Alex Dabre, Jigar Parekh, Panka Shah, Mutugudu Sriram, Mahavir Agarwal, Kamlakar Shukla, Anita Jaiswal, and Kejal Sachde of engaging in "malicious and fraudulent activities" that allegedly inflicted "irreparable harm" on the company.

According to a person familiar with the matter, Tiwari failed to appear before the EOW despite being summoned twice.


“Tiwari is believed to have gone out of the country. His lawyers have sought anticipatory bail, but no relief has been granted yet despite assurances that he would return by April 16,” the person said.

The FIR alleges a "well-planned and deep-rooted criminal conspiracy" by Tiwari and others to siphon off more than Rs 100 crore through cheating, falsification of records, and breach of contract. Tiwari has been described as the “kingpin” behind the fraud.

In an email response to ET’s queries on the subject, Tiwari said the so-called dispute was a meticulously orchestrated plot by certain individuals with vested interests. They have made baseless and uncorroborated allegations to malign his reputation, he said in the e-mail.

“While settlement discussions were underway on April 1, they activated their complaint before the EOW, fully aware that I was scheduled to travel to China from April 7. But an FIR was lodged against me on April 11. This FIR has been filed solely as an attempt to extract a favourable settlement from me and nothing more,” Tiwari added in the mail.

Independent investigations conducted by Uniqus India, Alvarez & Marsal, and Rashmikant & Partners found that Tiwari had allegedly committed gross negligence, breached his fiduciary duties, and engaged in misappropriation and financial misstatement.

According to the FIR, Tiwari and others fraudulently inflated Medikabazaar’s turnover for FY22 and FY23 by recording fake entries in accounting systems Tally and Prota, with no real underlying transactions. The company also ended up paying excess GST in FY23, leading to a recorded loss of Rs 27.99 crore.

"Fake sales were booked to artificially inflate revenues and mislead shareholders into paying higher share prices," the FIR states.