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Delhi Police’s EOW has filed an FIR against Medikabazaar founder Vivek Tiwari for alleged criminal breach of trust, cheating, forgery, and siphoning off over INR 100 Cr
Meanwhile, Tiwari said that he will continue to cooperate with judicial authorities and place all relevant material before the Courts.
This follows Tiwari moving the Delhi HC against Medikabazaar’s investors over allegations of unlawful removal
Delhi Police’s economic offences wing (EOW) has registered a first information report (FIR) against B2B medical supply chain startup Medikabazaar’s ousted cofounder Vivek Tiwari.
As per an Economic Times report, the EOW has charged Tiwari with criminal breach of trust, cheating, forgery, and falsification of accounts. The report, citing sources, said that the FIR was registered after the ousted CEO failed to appear before the EOW despite being summoned twice.
The FIR reportedly alleges a “well-planned and deep-rooted criminal conspiracy” by Tiwari and others to allegedly siphon off more than INR 100 Cr by cheating, falsification of records, and breach of contract.
Meanwhile, responding to Inc42’s queries on the development, Tiwari said, “I continue to stand firm in my resolve to defend my rights through lawful means. I have and will continue to cooperate with judicial authorities and place all relevant material before the Hon’ble Courts, where I am confident the matter will be decided fairly and impartially.”
He added that the recent actions initiated against him are “retaliatory and a counterblast”.
Tiwari alleged that Medikabazaar’s board filed the complaint with the EOW even as settlement discussions were underway at the Delhi High Court (HC). He also said that the company’s board lodged the complaint against him on April 11, 2025, “fully aware that I (Tiwari) was scheduled to travel to China from April 7, 2025”.
This comes close on the heels of Medikabazaar’s board removing Tiwari from the company’s board earlier this month on allegations of financial mismanagement, governance failures, and fraudulent conduct. This followed the company also ousting him as the CEO last year and replacing him with Dinesh Lodha.
The Medikabazaar saga started after an anonymous whistleblower complaint, last year, alleged financial irregularities at the startup, involving Tiwari, then recently appointed CFO Raman Chawla, and 15 other employees.
Following this, the startup’s board roped in an independent investigator to probe the complaint. But, even before the report was submitted, auditor PwC had flagged that Medikabazaar’ had overstated its gross merchandise value by at least 60% as the same medical products were repeatedly sold through multiple entities, artificially inflating the startup’s business metrics.
After his ouster, Tiwari moved the Delhi HC against the startup and some of its investors. In a petition filed with the HC, the founder has accused Medikabazaar’s investors – HealthQuad, Creaegis, and Ackermans & van Haaren – of orchestrating a plan to unlawfully strip him of his position and rights as a promoter.
The next hearing in the case is scheduled on April 30, 2025.
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