The Mumbai City Sessions Court has directed accused in the alleged Rs 264-crore Medikabazaar corporate embezzlement case to surrender their passports and not leave the court’s jurisdiction. The directions were issued during the hearing of anticipatory bail applications filed by senior board members and investor representatives of Boston Ivy Healthcare Solutions Pvt Ltd, the parent company of B2B medical-supplies platform Medikabazaar.
Two individuals accused of involvement in the alleged Rs 264-crore fraud were also granted interim protection from arrest while their pre-arrest bail pleas are being considered. The Economic Offences Wing (EOW) of the Mumbai Police is currently investigating the alleged corporate fraud concerning Boston Ivy Healthcare Solutions Pvt Ltd, reported PTI.
The investigation stems from a complaint filed by co-founder and former CEO Vivek Tiwari, who has accused the company’s present management and certain foreign investor partners of financial misconduct and of attempting to unlawfully oust him from control. The FIR was initially lodged at MIDC Police Station and later transferred to the Corporate Fraud Cell, said reports.
According to the FIR and complaint, the alleged offences occurred in 2024 and 2025, shortly after both founders—Tiwari and Ketan Malkan—were removed from managerial positions. Tiwari has alleged that the management created an ESOP trust in January 2025 without required approvals, and then issued a ?15-crore loan from the company to the trust to purchase shares at significantly undervalued prices, allegedly reducing each founder’s stake by about 13%.
The complaint further alleges diversion of more than ?264 crore to shell companies or non-existent entities.
Two board members, Ravishankar Gopalakrishnan and Pinak Ashok Shrikhande, approached the court for anticipatory bail, expressing apprehension of arrest. On Tuesday, their counsel, Amit Desai and Pramod Dubey, sought interim relief, arguing that the accused have been cooperating with the investigation. The investigating officer opposed the request, stating that the accused were not providing relevant information.
After hearing both sides, the court directed that no coercive action, including arrest, be taken against the accused. The court also ordered them to surrender their passports to the police and appear at the EOW office daily until the next hearing on December 1.
