Dilip Agarwala, owner of Diamond World, faces 67.8 billion BDT money laundering case

Staff Report | PNN

Dilip Kumar Agarwala, owner of Diamond World, has been found preliminarily involved in money laundering worth 67.8 billion BDT by collecting gold and diamonds illegally through smuggling, according to the Financial Crime Unit of the CID. A case has been filed against him.

Jasim Uddin Khan, Special Superintendent of Police (Media) of CID, confirmed the information on Tuesday. He said that since September 29, 2024, CID’s Financial Crime Unit in Dhaka has been investigating Diamond World Limited’s financial transactions, documents, and bank accounts.

The investigation revealed that the company collected gold and diamonds from the local market through smuggling and earned huge profits. Based on initial evidence, on November 17, a money laundering case worth 67,191,414,014 BDT was filed against Dilip Kumar Agarwala.

Jasim Uddin Khan stated that the 57-year-old Agarwala, as the owner of Diamond World and Diamond World Limited, has been involved in smuggling and money laundering in both domestic and international gold and diamond trade.

Initial investigation shows that between September 6, 2006, and February 8, 2024, the company legally imported gold bars, jewelry, and loose diamonds worth 3,847,481,011.52 BDT through letters of credit (LCs). During the same period, gold and diamonds worth 67,191,414,014 BDT were collected from the local market or via exchange methods, for which the company failed to provide CID with legal documentation.

The CID spokesperson added that if preliminary evidence of money laundering is found regarding smuggled assets and illicitly obtained funds, the Financial Crime Unit submits it to the Additional IGP for approval. Subsequently, on November 16, approval was obtained to file the case.

The money laundering case filed at Gulshan Police Station against Diamond World and Diamond World Limited will be investigated by CID. Bank transactions, documents, and related individuals will be thoroughly verified according to the law.