Senior Citizens Allege Fraud: NBFC Director Arrested in Delhi, Luxury Cars Under Scanner

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Delhi Police has arrested a director of NBFC, Exclusive Capital Limited, on charges of allegedly defrauding investors of crores. The police has informed the court that it is probing whether the arrested accused purchased a Bentley from “siphoned funds.”The accused, Satya Prakash Bagla, was produced in a Saket court and remanded to Delhi Police custody for three days.The Delhi Police EOW had filed the FIR last November on a complaint given by senior citizens who are also related to the accused. They had invested in the NBFC; however, the value of the shares grossly depreciated.

“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. This has resulted in the loss of ECL’s business and its shareholders’ value, including us,” said the complainant in the FIR.The complainant further alleged that the named accused persons in the FIR and their associates have “cheated them and other creditors and shareholders of ECL by committing illegal acts and omissions with dishonest intentions. The accused persons have siphoned off funds entrusted to them through dubious and sham transactions.” They also alleged that Bagla and other directors of the company are under investigation by federal probe agencies.On Saturday, the Delhi Police produced Satya Prakash Bagla before a court and sought his custody for 10 days. The Delhi Police sought Bagla’s custody on the grounds of tracking the money trail of siphoned funds, identifying the ultimate beneficiaries of the proceeds of crime, and confronting the accused 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 through a web of related-party transactions, and accused Satya Prakash Bagla has deliberately concealed material facts and evaded full disclosure during enquiry/investigation,” the duty judicial magistrate said in her court order while considering the police remand. The defence counsel did not oppose the police remand application.The Delhi Police also informed the court that it is trying to find the end user of a high-end Bentley, which the complainant alleged was purchased through “diversion of funds.”“Three luxury cars were purchased at inflated prices, and the whereabouts of these cars are now unknown. These cars were purchased from related entities owned and controlled by the accused persons,” the complainant said in the FIR.While granting three days of police custody of Bagla, the court directed the Delhi Police to produce him on January 13.