CID files case against Diamond World MD over Tk 6.78b money laundering charge

The Criminal Investigation Department (CID) has filed a case against Dilip Kumar Agarwal, managing director of Diamond World, on allegations of laundering Tk 6.78 billion earned from smuggled gold and diamonds.

CID said in a press release today, Tuesday, that the case was filed at Gulshan police station on Monday.

According to the release, on 29 September last year, the CID Dhaka Financial Crime Unit began an inquiry after reviewing Diamond World Limited’s financial transactions, documents, and bank accounts.

The investigation found that the company had earned illegal profits by procuring gold and diamonds smuggled into the country. Based on preliminary evidence of smuggling and undeclared income, the case was filed.

The case statement alleges that Dilip Kumar Agarwal, as the owner of Diamond World and Diamond World Limited, had long been engaged in money laundering and smuggling under the guise of operating gold and diamond businesses at home and abroad.

Sharing details from the inquiry, the CID release said that between 6 September 2006 and 8 February 2024, the company legally imported gold bars, jewellery, loose diamonds, and other items worth Tk 384.7 million through LCs.

During the same period, it acquired gold and diamonds worth Tk 6.78 billion from the local market through purchase, exchange, and substitution methods.

However, the company failed to provide CID with valid documents showing the sources or suppliers of these items. In the absence of legitimate paperwork, investigators concluded that the large volume of gold and diamonds had likely been brought into the country through illegal smuggling.

On 3 September 2024, RAB arrested Dilip Kumar Agarwala. He was produced before court the next day and later shown arrested in a murder case. The court granted a three-day remand that very day.

He was subsequently shown arrested in several other murder cases. His lawyers sought bail in both lower and higher courts. After securing bail in all cases, he was released from jail on 1 October.

Agarwal had contested the 12th national parliamentary election as an independent candidate from Chuadanga-1 (Alamdanga and parts of Sadar) but lost. He is also a member of the central industry and commerce subcommittee of the Awami League, which is currently banned from political activities.