Delhi Police Files a Formal Complaint Against Vivek Tiwari, Co-founder, Medikabazaar

Vivek Tiwari, the former cofounder of Medikabazaar, a B2B medical supply chain firm, has been the subject of a first information report (FIR) filed by Delhi Police's Economic Offences Wing (EOW). The EOW has accused Tiwari of criminal breach of trust, cheating, forgery, and account falsification, according to a media report.

According to the story, which cited sources, the fired CEO was summoned twice but did not show up before the EOW. Thus, a formal complaint was filed. According to the FIR, Tiwari and others engaged in a "well-planned and deep-rooted criminal conspiracy" to allegedly embezzle over INR 100 Cr through contract violations, record falsification, and cheating.

In response to a question regarding the development, Tiwari stated that he is steadfast in his determination to protect his rights by legal methods.

He has cooperated with judicial authorities and will continue to do so, presenting all pertinent evidence to the Hon'ble Courts, where he is certain that a fair and unbiased decision will be made. The new acts taken against him, he continued, are "retaliatory and a counterblast."

Tiwari’s Allegations Against Medikabazaar’s Board

Tiwari claimed that while settlement talks were taking place in the Delhi High Court (HC), Medikabazaar's board submitted the complaint to the EOW.

"With full knowledge that I (Tiwari) was scheduled to travel to China from April 7, 2025," he added, the board of the corporation filed the complaint against him on April 11, 2025.

This almost immediately follows the removal of Tiwari from Medikabazaar's board earlier this month due to accusations of fraud, poor governance, and financial mismanagement. This came after the business fired him as CEO last year and appointed Dinesh Lodha in his place.

Medikabazaar’s Saga

Last year, an anonymous whistleblower complaint claimed that Tiwari, then-newly hired CFO Raman Chawla, and 15 other workers were involved in financial irregularities at the firm, which sparked the Medikabazaar scandal.

The board of the startup then hired a third-party investigator to look into the complaint. However, auditor PwC had already indicated that Medikabazaar had overstated its gross merchandise value by at least 60% prior to the report's submission.

This was due to the fact that the same medical products were sold through multiple entities, which unduly inflated the startup's business metrics. Tiwari filed a complaint against the startup and a few of its investors with the Delhi High Court after being removed.

The creator has accused Medikabazaar's investors, HealthQuad, Creaegis, and Ackermans & van Haaren, of planning to illegally deprive him of his position and promoter rights in a petition submitted to the HC. April 30, 2025, is the date of the case's next hearing.