New Delhi, Feb 18 (PTI) A Delhi court on Wednesday reserved the order on businessman Satya Prakash Bagla’s bail plea in a case linked to alleged cheating of Kolkata-based investors.
Additional Sessions Judge Shunali Gupta heard the final arguments presented by the state on Wednesday and reserved the order for Saturday.
Bagla, the owner of Exclusive Capital Limited, a non-banking financial company, was arrested by the Economic Offences Wing of the Delhi Police on January 9.
The counsel for the state argued that Bagla’s custodial interrogation is crucial to the case as none of the co-accused have joined the investigation. He said they are currently engaged in proceedings at the Delhi High Court to quash a petition in the case against them.
The counsel flagged the risk of Bagla tampering with the evidence and pointed out that he had previously tampered with the supposedly “missing” phones that police recovered later, indicating a blatant disrespect for the law.
The counsel also flagged a flight risk, stating as Bagla’s daughter is currently based in Dubai and might harbour him.
He further argued that Bagla’s medical condition was not too severe to require release from jail and that he was getting adequate treatment in custody.
The counsel also pointed that Bagla’s criminal antecedents — including a CBI investigation against him — were never disclosed to the court.
During the rebuttals, the arguments turned heated as Bagla’s counsel heavily disapproved of the state counsel dismissing the seriousness of his client’s ailments.
“Not a whisper by the state disputing my client’s medical condition,” he said, adding that Bagla’s high blood pressure readings have been very alarming lately and showed a risk of entering a coma or getting a haemorrhage.
“If we entertain such arguments, this would be another Rajan Pillai case,” he said, referring to the Indian businessman who died in custody in 1995 due to medical negligence by the Tihar Jail officials.
During the surrebuttals, the state’s counsel pointed out that Bagla’s counsel has failed to address the accusations of concealing material facts regarding his criminal antecedents in the bail application repeatedly, which casts a dubious shadow over their case.
Bagla was arrested by the Economic Offences Wing of the Delhi Police on January 9.
The case was based on a complaint filed by a Kolkata-based senior citizen couple, Suresh Kumar Agarwala and Kanta Agarwala, in October 2025 against the directors of Exclusive Capital Limited, including Bagla, Achal Kumar Jindal and Johnson Kallarachal Abraham.
An FIR was filed against them under Sections 318 (cheating), 316 (criminal breach of trust and 61 (criminal conspiracy) of the Bharatiya Nyaya Sanhita.
The couple had accused Bagla of misleading them into investing in Exclusive Capital. They later found themselves in the middle of a multi-crore fraud as the three directors siphoned off the investments to purchase luxury cars, electronic goods and lend sham loans to their connected entities. PTI MDB RUK RUK
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