New Delhi, February 18 A Delhi court on Wednesday reserved its order on the bail plea of businessman Satya Prakash Bagla in a case linked to alleged cheating of investors based in Kolkata.
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 state's counsel 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 against them.
The counsel pointed out the risk of Bagla tampering with evidence and highlighted that he had previously tampered with the supposedly "missing" phones that the police later recovered, indicating a blatant disregard for the law.
The counsel also raised concerns about Bagla's potential flight risk, stating that his daughter is currently based in Dubai and might harbor him.
He further argued that Bagla's medical condition was not severe enough to warrant his release from jail and that he was receiving adequate treatment while in custody.
The counsel also pointed out that Bagla's criminal record, including a CBI investigation against him, had not been disclosed to the court.
During the rebuttals, the arguments became heated as Bagla's counsel strongly disagreed with the state's counsel dismissing the seriousness of his client's medical condition.
"There was no denial from the state regarding my client's medical condition," he said, adding that Bagla's high blood pressure readings had been very concerning recently and showed a risk of entering a coma or experiencing a hemorrhage.
"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 had repeatedly failed to address the accusations of concealing material facts regarding his criminal antecedents in the bail application, 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 accused Bagla of misleading them into investing in Exclusive Capital. They later found themselves embroiled in a multi-crore fraud as the three directors siphoned off the investments to purchase luxury cars, electronic goods and provide sham loans to their connected entities.
