New delhi — The Economic Offences Wing (EOW) of the delhi Police has arrested Satya Prakash Bagla, director of Exclusive capital Limited (ECL) — a Non‑Banking Financial Company (NBFC) — following allegations that he defrauded investors, including senior citizens, in a multi‑crore scam.
The case came to light after a senior citizen couple from Kolkata filed a complaint alleging that Bagla misled them into investing in ECL. The couple claimed that their hard‑earned money and that of many other investors was siphoned off through questionable transactions, including loans to connected companies and the purchase of high‑value luxury cars.
According to police and court records:
- Bagla and his accomplices allegedly redirected investor funds into related entities and used the money to buy luxury vehicles, including a Bentley Bentayga purportedly worth over ₹9 crore, plus other high‑end cars like a Bentley Mulsanne and a BMW X5.
- An independent observer’s report — prepared by a former delhi High court judge and appointed by the National Company Law Appellate Tribunal (NCLAT) — found massive financial irregularities and opaque luxury car deals in ECL’s books.
Police sources said Bagla had concealed material facts during earlier inquiries and failed to cooperate with investigators, which led to his arrest and subsequent custody being approved by a court to probe into the operations of ECL and its related firms.
The probe aims to determine how investor funds were diverted, the true ownership and use of the luxury vehicles, and whether funds were laundered or misused to benefit Bagla and his associates.
Background:
NBFC‑linked frauds often emerge when companies collect investor money with promises of high returns but divert funds into connected entities or personal assets instead of legitimate lending. Senior citizens and retirees, in particular, are frequent targets of such schemes because they seek stable investment returns.
This arrest follows a series of high‑value financial fraud cases uncovered by delhi police and other enforcement agencies in recent months, including multiple scams targeting elderly investors through both wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital and traditional means.
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