Mumbai Police’s Economic Offences Wing (EOW) has registered a major financial fraud case involving Boston Ivy Healthcare Pvt Ltd, after it was initially filed with the Andheri MIDC Police Station. The case has now been transferred to the EOW for detailed investigation.
The FIR has been registered under Sections 316(5), 344, 351, 61(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS).
According to sources, the alleged offences took place between April 1, 2024, and August 30, 2025. The complaint was filed by Vivek Tiwari (47), who formerly served as the Chief Executive Officer (CEO) of the company.
In his complaint, Tiwari alleged that the directors and senior officials of the company arbitrarily removed him from his post as CEO and subsequently allotted company shares to the ESOP Trust at extremely undervalued rates. During the same period, a total of ₹64 crore was allegedly transferred from company accounts to various unrelated third parties.
Tiwari, who holds a 13% stake in the company, claimed to have suffered a loss of ₹34 crore due to these unauthorized transactions. Similarly, co-promoter Ketan Malkan, who also holds a 13% share, incurred an equivalent loss. Together, both shareholders allegedly suffered a combined financial loss of ₹68 crore.
Those named as accused in the FIR include Nitish Bandi, Pinak Shrikande, Charles Jansen, Ravishankar Gopalkrishnan, Jens Nieuwenborg, CEO Dinesh Lodha, and CFO Raman Chawla, along with other company directors and senior officials.
The alleged offences took place at the company’s registered office in Virawali Village, near SEEPZ, MIDC Central Road, Mahakali Caves Road, Andheri (East), Mumbai.
The EOW has taken over the investigation and begun examining company records, including financial transactions, share allotment procedures, and alleged misuse of the ESOP Trust.
Officials are now scrutinizing bank accounts, share transfer documents, and internal email communications to trace the exact flow of funds and identify those responsible for the alleged misappropriation.