The Criminal Investigation Department (CID) has filed a case against Dilip Kumar Agarwala, Managing Director of Diamond World, over allegations of laundering Tk 678 crore through gold and diamonds obtained via smuggling. The investigation revealed that Agarwala allegedly accumulated this enormous sum by trading in illegally sourced precious materials.
According to a CID press release on Tuesday, the case was lodged at Gulshan Police Station on Monday. The Financial Crime Unit of CID began reviewing Diamond World Limited’s financial transactions, bank records, and documentation on 29 September 2024.
Investigators found that the company had long been amassing gold and diamonds from local markets through illegal channels, generating unlawful profits. Preliminary evidence confirmed smuggling and illicit earnings.
The case alleges that as the owner of Diamond World and Diamond World Limited, Agarwala used his domestic and international business operations as a cover for money laundering and smuggling activities.
CID also reported that between 6 September 2006 and 8 February 2024, the company legally imported gold bars, jewellery, loose diamonds, and other items worth Tk 38.47 crore through Letters of Credit (LCs). During the same period, the company collected gold and diamonds worth Tk 678 crore from local markets through purchase, exchange, and other means. However, the company failed to provide proper documentation for the sources of these assets, suggesting the materials were smuggled illegally.
| Type of Acquisition | Period | Amount (Tk) |
|---|---|---|
| Legal LC Imports | 6 Sept 2006 – 8 Feb 2024 | 38.47 crore |
| Local Market Acquisitions | Same period | 678 crore |
On 3 September 2024, the Rapid Action Battalion (RAB) arrested Agarwala, and he was presented in court the following day. He was remanded for three days in connection with a murder case. Subsequently, his lawyers filed bail petitions in various cases, and he was released from jail on 1 October after securing bail.
Agarwala also has political connections. He contested as an independent candidate in the 12th national parliamentary elections from Chuadanga-1 and is a member of the Awami League’s central subcommittee on industry and commerce.
This investigation and the preliminary findings highlight a significant challenge to Bangladesh’s financial transparency and law enforcement, raising serious concerns about illicit trade in precious commodities.