New Delhi, February 13 A Delhi court heard arguments on Friday regarding businessman Satya Prakash Bagla's plea for bail in a case of alleged fraud against investors.
Additional Sessions Judge Shunali Gupta heard the arguments presented by Bagla's counsel and adjourned the remaining proceedings. The State will present its arguments at 12 noon on Monday.
Bagla's counsel argued that there is no further need for custodial interrogation as the businessman has been in custody since January 9, and the police allegedly did not interrogate him for more than 10 minutes every day, despite being granted full access to him for more than a month.
The investigating officer (IO) has taken possession of Bagla's devices but accused him of deleting crucial evidence prior to handing them over. The counsel argued that in the absence of a Forensic Sciences Laboratory (FSL) report proving his claims, the IO cannot make accusations of tampering with evidence.
"Simply apprehending tampering with evidence without substantial proof is not a ground to deny bail," he said.
The counsel also stated that Bagla has been suffering from several health issues, including high blood pressure and only one functioning kidney, at the time of his arrest in January. He was admitted to the Intensive Care Unit (ICU) prior to his police custody, the lawyer told the court.
The counsel also contended that Bagla would not be a flight risk, as he is a successful businessman with steady work in India. He has previously traveled abroad, never abused his personal liberty, and always returned to the country, the lawyer said.
The counsel also cited Supreme Court precedents to argue that just because Bagla's co-accused are evading arrest and absconding does not mean it can be a ground for the court to reject his bail application.
On January 9, Bagla, the owner of Exclusive Capital Limited (ECL), a non-banking financial company (NBFC), was arrested by the Economic Offences Wing of the Delhi Police.
The case arises from a complaint filed by a Kolkata-based senior citizen couple, Suresh Kumar Agarwala and Kanta Agarwala, in October 2025 against the directors of ECL, 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 (BNS).
The couple has accused Bagla of misleading them into investing in ECL, as they later found themselves in the middle of a multi-crore fraud, as the three directors siphoned off the money of all investors through the purchase of luxury cars, electronics, and by lending sham loans to their connected entities.