Senior Citizens Allege Fraud: NBFC Director Arrested in Delhi; Luxury Cars Seized
New delhi — The Economic Offences Wing (EOW) of the delhi Police has arrested Satya Prakash Bagla, director of Exclusive capital Limited (ECL) — a Non‑Banking Financial Company (NBFC) — following allegations that he defrauded investors, including senior citizens, in a multi‑crore scam.The case came to light after a senior citizen couple from Kolkata filed a complaint alleging that Bagla misled them into investing in ECL. The couple claimed that their hard‑earned money and that of many other investors was siphoned off through questionable transactions, including loans to connected companies and the purchase of high‑value luxury cars.According to police and court records:
NBFC‑linked frauds often emerge when companies collect investor money with promises of high returns but divert funds into connected entities or personal assets instead of legitimate lending. Senior citizens and retirees, in particular, are frequent targets of such schemes because they seek stable investment returns.This arrest follows a series of high‑value financial fraud cases uncovered by delhi police and other enforcement agencies in recent months, including multiple scams targeting elderly investors through both wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital and traditional means. Disclaimer:The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
- Bagla and his accomplices allegedly redirected investor funds into related entities and used the money to buy luxury vehicles, including a Bentley Bentayga purportedly worth over ₹9 crore, plus other high‑end cars like a Bentley Mulsanne and a BMW X5.
- An independent observer’s report — prepared by a former delhi High court judge and appointed by the National Company Law Appellate Tribunal (NCLAT) — found massive financial irregularities and opaque luxury car deals in ECL’s books.
NBFC‑linked frauds often emerge when companies collect investor money with promises of high returns but divert funds into connected entities or personal assets instead of legitimate lending. Senior citizens and retirees, in particular, are frequent targets of such schemes because they seek stable investment returns.This arrest follows a series of high‑value financial fraud cases uncovered by delhi police and other enforcement agencies in recent months, including multiple scams targeting elderly investors through both wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital and traditional means. Disclaimer:The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.