Delhi Police have arrested Satya Prakash Bagla, owner of Non-Banking Financial Company Exclusive Capital (ECL), in connection with a multi-crore fraud scheme. Bagla was taken into custody by the Economic Offences Wing on Friday and remanded to three days of police custody by a Delhi court on Saturday. The arrest follows allegations that he misled investors, including a senior citizen couple, and diverted their funds through suspicious transactions.

Investigators accuse Bagla and his associates of siphoning investor money to purchase luxury vehicles and extend unsecured loans to entities linked to themselves. A key element of the case involves a Bentley Bentayga reportedly acquired for Rs 9 crore, which has raised serious questions about its actual existence and whereabouts. The court emphasized that Bagla deliberately withheld critical information during the investigation and must be taken to Mumbai to reveal details about ECL and related companies.

A report submitted in April 2025 by former Delhi High Court judge RK Gauba, appointed as an Observer by the National Company Law Appellate Tribunal, exposed major financial irregularities at ECL. The document highlighted that the company overpaid Rs 2 crore for a second-hand Bentley Bentayga purchased from Luxus Retail Pvt Ltd, another entity controlled by Bagla and co-director Achal Jindal. No insurance documents or maintenance records were produced, casting doubt on whether the vehicle was ever under ECL's possession.

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The judicial report further revealed that the Rs 9 crore payment was adjusted against an interest-free advance to Luxus Retail, suggesting a deliberate mechanism to misappropriate funds. ECL's asset list also included a Bentley Mulsanne valued at Rs 9 crore and a BMW X5 worth Rs 1.11 crore, yet only one invoice was provided, with zero supporting documentation for insurance or upkeep across all vehicles.

Justice Gauba had strongly recommended a physical verification of the luxury cars to determine if they were genuine assets or fictitious entries created to conceal the fraud. The absence of any maintenance expenditure and missing paperwork has intensified suspicions that the high-value vehicles may exist only on paper, forming part of a broader pattern of investor deception orchestrated through interconnected companies.

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