Delhi's Saket District Court extended businessman Satya Prakash Bagla's police custody by four days. He was arrested by the EOW in a cheating case involving the alleged syphoning and diversion of funds from Exclusive Capital Ltd.
Saket District Court on Thursday granted an additional four days' custody of businessman Satya Prakash Bagla to Delhi Police to interrogate him in an alleged case of cheating, etc., with a Kolkata-based investor. He has been arrested by the Economic Offence Wing (EOW) of the Delhi Police. This case pertains to the alleged syphoning and diversion of funds of Exclusive Capital Ltd (ECL).
Duty Judicial Magistrate First Class (JMFC) Siddhant Krishan Singh extended the police custody of Satya Prakash Bagla for a further four days after noting the submissions made by the investigation officer (IO). Delhi police moved an application seeking seven days' further custody of the accused for investigation. IO said that the accused is not cooperating in the investigation, and he is to be taken to Lucknow and Mumbai to identify the end user of the Bentley car. Bagla was produced before the court after 3 days of police custody. Now he is to be produced before the court on January 17.
While granting bail, the court said, "The investigation is at a nascent stage, and it cannot be said at this juncture that custodial interrogation is not required, as the custody of the accused is, inter alia, required for the recovery of the vehicle at Lucknow to ascertain the end user in Mumbai and for the other reasons mentioned in the remand application."
"Therefore, the application seeking police remand of the accused is allowed, and the IO is granted 04 days' police custody of the accused, Satya Prakash Bagla. Medical examination of the accused be conducted every 24 hours," JMFC ordered on January 13.
Details of the Cheating Case
Bagla was arrested in a cheating case lodged in October 2025 on the basis of 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.
Police Submissions for Custody
Delhi Police earlier had sought custody of Bagla to trace and establish the complete money trail of syphoned funds to identify the ultimate beneficiaries of the proceeds of crime.
Advocates Sanjay Abbot, Abhishek Jaiswal, Aharna Iyer, Gaurav Sarkar, Sanchit Aggarwal, and Priyanshu appeared for the accused. On the other hand, senior advocates Manu Sharma, Sidharth Luthra, Vikas Pahwa, Abhyuday Sharma, Anirudh Sharma, DM Balra, Manya and Parth Yadav appeared for the complainant.
It was stated earlier that the accused 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, diverted substantial funds belonging to ECL to themselves through a web of related party transactions.
Tracing Assets and Unearthing Facts
Police had also said that the accused Satya Prakash Bagla has deliberately concealed material facts, evaded 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 transactions, fabrication of documents, identification of other accomplices, unearthing the location of missing assets and vehicles.
Police 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 Luxus Retail Pvt. Ltd. and to ascertain the end user of the vehicle (Bentley Bentayga). It was also submitted that custody of the accused is required to recover electronic devices like the mobile phones of the accused and other incriminating material.
Role of Co-accused
Police further said that the accused needs to be interrogated to ascertain the role of the co-accused persons, namely Achal Kumar Jindal, who was found to be actively involved as CFO/Director/Shareholder in the said companies. It is alleged that Jindal was assisting the main accused in today's affairs. The accused's role is to be ascertained during further investigation and has to be confronted with the main accused, police said.
It was also submitted that during interrogation the 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.
The Original Complaint
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)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)