Multi-million fraud in India: How did ₹90m Bentley, shady loans spark a Delhi scam?

New Delhi: Businessman Satya Prakash Bagla, owner of Non-Banking Financial Company, was arrested on Friday by Delhi Police’s Economic Offences Wing (EOW) on allegations of orchestrating a multi-million dollar fraud.

According to media reports, investigators allege that Bagla misled investors, diverting funds through a complex web of transactions. He reportedly issued questionable loans to related entities and used the money to buy luxury cars, including a Bentley Bentayga valued at Rs 90 million ($1.1 million).

The case originated from a complaint filed in October 2025 by a senior citizen couple from Kolkata.

Authorities allege Bagla and his associates misled investors, siphoning off funds through complex transactions and diverting money to connected entities.

The complaint claims multi-million-dollar losses, with diverted funds allegedly used to purchase luxury cars and issue shady loans to companies controlled by Bagla and co-director Achal Jindal.

A report by former Delhi High Court judge in April 2025 highlighted irregularities at ECL, including a Bentley Bentayga reportedly purchased for ₹90.9 million from Luxus Retail Pvt Ltd, a company controlled by Bagla and Jindal.

The car’s written-down value was ₹65.3 million, suggesting an overpayment of nearly ₹25.6 million. Missing insurance and maintenance records raised doubts over whether the vehicle even existed.

ECL’s declared assets included a Bentley Mulsanne (₹90 million) and a BMW X5 (₹11.1 million), but only the Mulsanne had supporting invoices. Justice Gauba recommended a physical inspection of the vehicles, raising concerns about possible misrepresentation or paper assets.

Bagla was produced before Delhi’s Saket District Court on Saturday, which remanded him in police custody for three days, despite police requesting 10. The court said he had “deliberately concealed material facts, evaded full disclosure during enquiry, and failed to cooperate with the investigation.”

Authorities said the police custody would enable them to probe the end users of luxury cars, including a Bentley Bentayga reportedly purchased for Rs 9 crore, and examine the operations of Bagla’s other companies, such as Luxus Retail Pvt Ltd.

Officials added that custody was necessary to trace the full money trail, identify the ultimate beneficiaries, and confront Bagla with forged documents, bank records, and the roles of co-accused.

Bagla is also expected to be taken to Mumbai to investigate the operations of ECL and Luxus Retail, verify the end-user of the Bentley, recover electronic devices, and locate assets allegedly bought with diverted funds.

Bagla is scheduled to be produced before the court again on January 13.

With inputs from ANI