Healthcare Fraud Scandal: Directors Accused of Rs 68 Crore Scam

In a significant development, seven directors of a prominent healthcare firm are facing accusations of a substantial Rs 68 crore fraud, according to a Mumbai police official.

The complaint was initiated by Vivek Tiwari, 47, founder, and promoter of M/s Boston IV Healthcare Solutions Pvt Ltd, who holds a 13.03 percent stake in the company. The company's core business involves the sale of medical equipment and instruments to hospitals domestically and internationally, primarily through an online platform.

An investigation revealed that between April 1, 2024, and August 31 this year, seven directors, alongside company employees, allegedly redirected over Rs 264 crore from shareholders to non-existent and fraudulent ventures. Among the affected shareholders are Tiwari and joint promoter Ketan Malkan, both possessing 13.03 percent stakes worth Rs 34 crore each. The case has been registered under the Bharatiya Nyaya Sanhita.