Court grants 3 days of police custody of S P Bagla in EOW's cheating case

This case concerns the alleged siphoning and diversion of funds from Exclusive Capital Ltd (ECL).

An FIR was registered under sections related to cheating, criminal breach of trust and criminal conspiracy of the IPC. According to the FIR, the Complainant alleged cheating amounting to crores by three persons, including Bagla.

Delhi Police sought custody of Bagla to trace and establish the complete money trail of siphoned funds, to identify the ultimate beneficiaries of the proceeds of crime. He is to be taken to Mumbai to identify a user of a Bentley car.

Duty Judicial Magistrate First Class (Duty JMFC) Chakita Shrivastava remanded Satya Prakash Bagla in three days' police custody after considering the submissions made by the investigation officer. Delhi Police had sought 10 days' custody.

The accused, Satya Prakash Bagla, was produced following a fresh arrest. He is to be produced before the court on January 13.

Advocates Sanjay Abbot, Abhishek Jaiswal, Aharna Iyer, Gaurav Sarkar, Sanchit Aggarwal, Priyanshu appeared for for accused.

On the other hand, advocates Manu Sharma, Sidharth Luthra, Vikas Pahwa, Abhyuday Sharma, Anirudh Sharma, DM Balra, Manya and Parth Yadav appeared for the complainant.

Delhi police moved an application seeking custody of the accused to trace and establish the complete money trail of siphoned funds, to identify the ultimate beneficiaries of the proceeds of crime.

It was also stated 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.

Police also said that the accused Satya Prakash Bagla has deliberately concealed material facts, evaded full disclosure during enquiry/investigation and has not cooperated with the investigation, crucial information has also to be ascertaine,d 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 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 ofthe vehicle (Bentley Bentayga).

It was also submitted that custody of the accused is required to recover electronic devices, such as the accused's mobile phones, and other incriminating material.

Police further said that the accused needs to be interrogated to ascertain the role of the co-accused, namely Achal Kumar Jindal, who was found to be actively involved as a 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 stated that one car was given to someone in Lucknow, UP, and that he used to recover the said vehicle from there and identify movable and immovable properties acquired with 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 hold 2,34,650 shares in Exclusive Capital Limited (ECL), each with a face value of INR 10, for 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)