Diamond World owner sued for ‘laundering Tk 678.19cr’
The Criminal Investigation Department (CID) of police has filed a case against Dilip Kumar Agarwala, owner of Diamond World Limited, after preliminary evidence was found of money laundering worth Tk 678.19 crore through gold and diamond smuggling.
The Financial Crime Unit of CID filed the case under the Money Laundering Prevention Act at Gulshan Police Station, confirmed CID’s Special Police Superintendent Jasim Uddin Khan on Tuesday (November 18).
He said the investigation began on September 29 last year after examining the financial transactions, bank accounts, and documents of Diamond World Limited. CID’s probe revealed that the company had collected a huge quantity of gold and diamonds from the local market through smuggling.
Although the company legally imported goods worth Tk 38.47 crore—including gold bars, jewelry, and loose diamonds via LCs—from September 6, 2006, to February 8, 2024, during the same period it acquired gold and diamonds worth Tk 678.19 crore from the local market without showing any legal source or documentation.
CID has preliminarily confirmed that this gold and these diamonds were brought into the country illegally through smuggling. The investigation also revealed allegations of enormous profits made through illicit means.
Who is Dilip Agarwala?
Dilip Kumar Agarwala, a resident of Bazarpara in Chuadanga Sadar, currently lives in Banani, Dhaka. He has long been running gold and diamond businesses in the country and abroad as the owner of Diamond World and Diamond World Limited.
CID stated that behind this business, he has been carrying out money laundering and smuggling activities for a long time.
CID continues investigation
The CID officer said that after collecting evidence regarding the conversion, transfer, and use of assets obtained through smuggling, the agency received approval for the case on November 16.
As this case falls under CID’s schedule, the investigation will be conducted by CID. The agency will examine relevant documents, bank transactions, and information about the individuals involved to take legal action.
Special Police Superintendent Jasim Uddin further stated that CID’s operations will continue to bring money launderers under the law and protect the nation’s financial interests.