Key Highlights
- This has resulted in the loss of ECL’s business and its shareholders’ value, including us,” said the complainant in the FIR. The complainant further alleged that the named accused persons in the FIR and their associates have “cheated them and other creditors and shareholders of ECL by committing illegal acts and omissions with dishonest intentions.
- The accused persons have siphoned off funds entrusted to them through dubious and sham transactions.” They also alleged that Bagla and other directors of the company are under investigation by federal probe agencies. On Saturday, the Delhi Police produced Satya Prakash Bagla before a court and sought his custody for 10 days.
- The Delhi Police sought Bagla’s custody on the grounds of tracking the money trail of siphoned funds, identifying the ultimate beneficiaries of the proceeds of crime, and confronting the accused with financial records, forged documents, and bank transactions.“The accused persons, while managing the affairs of ECL, have systematically, through sham transactions, diverted substantial funds belonging to ECL through a web of related-party transactions, and accused Satya Prakash Bagla has deliberately concealed material facts and evaded full disclosure during enquiry/investigation,” the duty judicial magistrate said in her court order while considering the police remand.
- The defence counsel did not oppose the police remand application. The Delhi Police also informed the court that it is trying to find the end user of a high-end Bentley, which the complainant alleged was purchased through “diversion of funds.”“Three luxury cars were purchased at inflated prices, and the whereabouts of these cars are now unknown.
- These cars were purchased from related entities owned and controlled by the accused persons,” the complainant said in the FIR. While granting three days of police custody of Bagla, the court directed the Delhi Police to produce him on January 13. For the Latest news, India News and breaking stories from around the world, visit Times Now for live coverage and in-depth reporting. Latest News sportsEXPLAINED: Why Rishabh Pant Has Been Ruled Out Of ODI Series Vs New ZealandmumbaiMumbai Local Train Block: WR Announces Major Night Block Between Kandivali–Malad - Check Detailsentertainment newsThe Raja Saab: Prabhas' Old Man Deleted Scene Gets Added To Theatrical Prints After 'Minor Corrections'videosU. S President Donald Trump Clears Bill For 500% Tariffs; Will India-US Ties Survive This Turbulence?entertainment newsWeapons Prequel: Golden Globe Nominee Amy Madigan Has THIS To Say About Returning As Aunt GladysindiaKashmiri Man Held at Ayodhya Ram Mandir After Alleged Namaz Attempt - What Police Probe RevealeddelhiDelhi World Book Fair 53rd Edition: Check Timings, What’s New, And More Detailsworld‘Gotta Look at This Myself’: Why Did Trump Halt a White House Meeting to Inspect the Ballroom?Bhavatosh Singh authorWith over 18 years of experience in broadcast and print journalism, Bhavatosh Singh has been with Times Now since 2005.
