EOW cheating case: Delhi court grants 3 days’ police custody to businessman Satya Prakash Bagla

NEW DELHI: Delhi's Saket District Court on Saturday remanded businessman Satya Prakash Bagla to three days’ custody of the Economic Offence Wing (EOW) of Delhi Police. Bagla was arrested in connection with a cheating case registered in October 2025 by a senior citizen couple from Kolkata. The case involves the alleged siphoning and diversion of funds from Exclusive Capital Ltd (ECL). An FIR was registered under sections of the Indian Penal Code related to cheating, criminal breach of trust, and criminal conspiracy. According to the FIR, the complainants alleged cheating amounting to crores by three individuals, including Bagla, according to news agency ANI. Delhi Police requested custody to trace and establish the full money trail of the siphoned funds and identify the ultimate beneficiaries of the proceeds of the crime.

Bagla is also to be taken to Mumbai to identify the user of a Bentley car. Duty Judicial Magistrate First Class Chakita Shrivastava remanded Bagla for three days after considering submissions from the investigating officer. The police had initially sought 10 days’ custody. Bagla is scheduled to be produced before the court again 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. Police said custody is required to confront Bagla with financial records, forged documents, and bank transactions. 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, the submission stated. Authorities added that Bagla has deliberately concealed material facts, evaded full disclosure during enquiry/investigation and has not cooperated with the investigation. Custody is also needed to ascertain the end use of siphoned funds, creation of sham loans, fabrication of documents, identification of other accomplices, and locating missing assets and vehicles. Police further stated that Bagla must be taken to Mumbai to examine business activities under ECL and his other company, Luxus Retail Pvt.

Ltd., and identify the end user of a Bentley Bentayga. Custody is also sought to recover electronic devices, including mobile phones, and other incriminating material. The accused also needs to be interrogated regarding the role of co-accused Achal Kumar Jindal, who is alleged to have acted as CFO/Director/Shareholder and assisted Bagla in the company’s affairs.The accused's role is to be ascertained during further investigation and has to be confronted with the main accused, police said. During interrogation, Bagla reportedly stated that a car was given to someone in Lucknow, Uttar Pradesh, and that he recovered the vehicle from there. Police aim to identify movable and immovable properties acquired with diverted funds. The complaint was filed by Suresh Kumar Agarwal in October 2025 against Bagla, Jindal, and Johnson Kallarachal Abraham, directors of ECL, which has an office near Hauz Khas Metro Station, Sarvapriya Vihar, New Delhi. According to the complainants, Suresh Kumar Agarwala and Kanta Agarwala, senior citizens residing in Kolkata, hold 2,34,650 shares in ECL, with an aggregate value of Rs 23,46,500. They also acquired 17.50 crore compulsory convertible preference shares (CCPS) in ECL through Evaan Holdings Private Limited, where they are majority shareholders, and Kanta Agarwala serves as a director. The aggregate face value of the CCPS is Rs 175 crore (Rupees One Hundred and Seventy-Five Crore Only).