Devi lost her lightweight semi-final to South Korea's Park Ji-na in a unanimous decision on Tuesday, sparking outrage among Indian coaches and officials, with some accusing the judges of being biased.
The tearful 29-year-old responded by attempting to drape her bronze medal around the neck of eventual silver medallist Park during the ceremony.
Devi subsequently left the medal on the podium, before asking a Games official to leave it in the protest room.
However, the International Boxing Federation (AIBA) has chosen to report the incident to the Olympic Council of Asia (OCA).
"The whole incident looked like a well-planned scenario by her and her team, and it is regretful to watch a boxer refuse the medal regardless of what happened in the competition," said AIBA technical delegate David Francis.
"In this regard, as the technical delegate, I had to request OCA to review this incident, so any boxer or athlete in other sports will not follow in her footsteps by respecting the spirit of fair-play and sportsmanship of the Olympic Movement."
A statement added that the Indian team had not followed AIBA's protest protocol, saying: "Immediately after the bout, the Indian team submitted a protest, however the Indian team did not follow the AIBA technical rules and protested against the judges' decisions, though the rules only allow a protest against the referee's decision.
"Then, the boxer appeared at the medal ceremony which took place today after the women's finals were over.
"When the medal presenter tried to put the medal on her neck, she refused and grabbed the medal, walked to the Korean boxer and put the medal on her neck instead.
"As the Korean boxer returned it back to the Indian Boxer, she then left the medal at the podium and left the ceremony.
"Then, after the organising committee member of staff followed her and insisted she take the medal, she asked him to leave it in the protest room. When the organizing committee staff walked towards the protest room, all Indian journalists followed the staff and some of them shouted 'Koreans are stealing their medal'."
"AIBA has already proceeded its disciplinary action process to review this case, and the decision will be made immediately after the Asian Games."