New Delhi [India], February 21 (ANI): The Saket District Court on Saturday rejected the bail plea of businessman Satya Prakash Bagla who was arrested in an alleged case of cheating a Kolkata-based investor. He was arrested by the Economic Offence Wing (EOW) of Delhi Police on January 9.
This case pertains to the alleged siphoning and diversion of funds of Exclusive Capital Ltd (ECL), of which Bagla is the Managing Director.
Additional Sessions Judge (ASJ) Shunali Gupta rejected the bail plea of Satya Prakash Bagla after considering the submissions and facts of the case.
“I am of the firm opinion that, considering the serious nature of the offence, investigation being at the nascent stage, concealment of past criminal antecedents by the applicant and the likelihood of thwarting the investigation by the applicant, impels me to dismiss
the bail application at this stage,” ASJ Shunali Gupta said.
Senior Counsel Pramod Kumar Dubey submitted that the complaint upon which the FIR got registered was not filed by the company but by an individual shareholder.
As per the allegations in the FIR, the complainant alleges that the funds that they have invested into the ECL company by way of shares and CCPS have been entrusted to the accused persons ( Directors of ECL), including the applicant.
The allegation prima facie is untenable as if at all, money was entrusted to ECL and not to its Directors. The beneficial interest has been passed over to the company, and it became the money of the company; therefore, there exists no entrustment and offence under section 409 (criminal breach of trust) IPC is not made out, senior counsel argued.
It was also argued that ECL, being an Non Banking financial company (NBFC), is involved in the business of disbursal of loan and whether the disbursals were rightful or wrongful, has to be seen by the regulator, which is the RBI. The RBI has already given a clean chit to the applicant.
The counsel further argued that the applicant is a sick person having only one functioning kidney and is under constant supervision of doctors. Due to the non-availability of basic hygiene facilities during custody, he has developed swellings in his feet, which indicate his deteriorating condition.
On the other hand, Special Public Prosecutor (SPP) Akhand Pratap Singh opposed the bail plea and argued that the offence is very serious in nature and, considering the nascent stage of investigation, bail may not be granted to the applicant.
Further, in the reply filed by the investigation officer (IO), it is stated that ECL raised funds from third parties to the tune of Rs. 315 crores. These funds were entrusted to the accused by the victims/investors as debt for expanding the operations of ECL.
It was also argued by the SPP that the offence under section 409 IPC is attracted as the accused Satya Prakash Bagla was in dominion over the funds by virtue of his fiduciary position and dishonestly misappropriated the same.
It was also stated that Bagla has actively attempted to destroy and tamper with the electronic evidence. The mobile phones used by the accused have not been recovered. At the time of arrest, only one mobile phone was later produced by his wife; however, its Data was cleaned/erased, SPP Singh argued.
Bagla has been arrested in a cheating case lodged on 24 October 2025, based on a senior citizen couple residing in Kolkata.
An FIR was registered under sections related to cheating, criminal breach of trust and criminal conspiracy of the IPC.
As per FIR, the Complainant had alleged cheating worth crores by three persons, including Bagla.
Delhi Police earlier had sought custody of Bagla to trace and establish the complete money trail of siphoned funds, to identify the ultimate beneficiaries of proceeds of crime.
It was stated earlier that accsued is to be confronted with financial records, forged documents and bank transactions, as the accused persons, while managing the affairs of ECL, have systematically, through sham transactions,s diverted substantial funds belonging to ECL to themselves through a web of related party transactions.
Police had earlier said that the accused Satya Prakash Bagla has deliberately concealed material facts, evade full disclosure during the enquiry/investigation and has not cooperated with the investigation, crucial information has also to be ascertained like the end use of siphoned funds, creation of sham loan transaction, fabrication of documents, identification of other accomplices, unearthing location of missing assets and vehicles.
Police has also said that the accused needs to be taken to Mumbai to ascertain the business activities, etc., in the name of M/s ECL and his other related company M/s Luxus Retail Pvt. Ltd. and to ascertain the end user of the vehicle (Bentley Bentayga).
It was also submitted that during interrogation accused had stated that one car was given to someone in Lucknow, UP, and he used to recover the said vehicle from there and to identify movable and immovable properties acquired from diverted funds.
Suresh Kumar Agarwal, in October 2025, gave a complaint against Satya Prakash Bagla, Achal Kumar Jindal, and Johnson Kallarachal Abraham, directors of Exclusive Capital Limited, having an office near Hauz Khas Metro Station, Sarvapriya Vihar, New Delhi, for cheating, criminal breach of trust and other offences.
Suresh Kumar Agarwala and Kanta Agarwala stated in the Complaint that they are senior citizens living permanently in Kolkata. They are holders of 2,34,650 shares in Exclusive Capital Limited (ECL), having a face value of INR 10 for each share, an aggregate value of INR 23,46,500.
They also acquired 17.50 crore compulsory convertible preference shares (CCPS) in ECL through Evaan Holdings Private Limited, in which we are the majority shareholders, and Kanta Agarwala is a director. The aggregate face value of the CCPS is Rs. 175,00,00,000 (Rupees One Hundred and Seventy Five Crore Only). (ANI)