The Saket District Court in Delhi on Saturday granted the Economic Offences Wing (EOW) of the Delhi Police a three-day custodial remand of businessman Satya Prakash Bagla. Bagla was arrested in connection with a high-value cheating case filed by a senior citizen couple from Kolkata, alleging a massive financial fraud involving crores of rupees.
The Core Allegations and Arrest
Satya Prakash Bagla was taken into custody following an FIR registered in October 2025. The complainants, Suresh Kumar Agarwal and Kanta Agarwal, accused Bagla and two other directors of Exclusive Capital Ltd (ECL) of cheating, criminal breach of trust, and criminal conspiracy. The case revolves around the alleged systematic siphoning and diversion of funds from ECL.
The Agarwals, who reside in Kolkata, hold a significant stake in ECL. They own 2,34,650 shares valued at Rs 23,46,500. Furthermore, through their company Evaan Holdings Private Limited, they acquired 17.5 crore Compulsory Convertible Preference Shares (CCPS) in ECL with a staggering face value of Rs 175 crore. The FIR alleges that funds linked to these investments were illegally diverted.
Police Custody Objectives and Court Proceedings
While the investigating agency had initially sought a 10-day custody period, Duty Judicial Magistrate First Class Chakita Shrivastava remanded Bagla to three days of police custody after hearing arguments from both sides. Bagla is scheduled to be produced before the court again on January 13.
The police presented multiple reasons for requiring custodial interrogation. Key objectives include:
- Tracing the complete money trail of the siphoned funds and identifying the ultimate beneficiaries.
- Confronting Bagla with financial records, bank transactions, and allegedly forged documents.
- Ascertaining the end use of the diverted money and investigating the creation of sham loans.
- Identifying other accomplices and locating missing assets and vehicles purchased with the funds.
- Interrogating Bagla regarding the role of co-accused Achal Kumar Jindal, alleged to have acted as CFO/Director and assisted in the company's affairs.
- Taking Bagla to Mumbai to examine business activities under ECL and his other firm, Luxus Retail Pvt. Ltd., and to identify the user of a Bentley Bentayga car.
Authorities stated that Bagla has been non-cooperative, deliberately concealed facts, and evaded full disclosure during the enquiry. Custody is also sought to recover electronic devices like mobile phones and other incriminating material.
Legal Representation and Ongoing Investigation
The legal battle saw a heavyweight lineup of advocates. The accused, Satya Prakash Bagla, was represented by advocates Sanjay Abbot, Abhishek Jaiswal, Aharna Iyer, Gaurav Sarkar, Sanchit Aggarwal, and Priyanshu. The complainant's side featured advocates Manu Sharma, Sidharth Luthra, Vikas Pahwa, Abhyuday Sharma, Anirudh Sharma, DM Balra, Manya, and Parth Yadav.
The police submission claimed that the accused, while managing ECL, diverted substantial funds through a web of related-party transactions and sham deals. During interrogation, Bagla reportedly mentioned that a car was given to someone in Lucknow, Uttar Pradesh, and that he recovered it from there. The police aim to identify all movable and immovable properties acquired with the allegedly diverted funds.
The other named accused in the complaint filed at the Hauz Khas Metro Station area police station are Achal Kumar Jindal and Johnson Kallarachal Abraham, all directors of ECL. The investigation continues to unfold as the EOW digs deeper into the complex financial web.
