Criminal Investigation Department (CID) has filed a money laundering case against Dilip Kumar Agarwala, the owner of jewellery brand Diamond World, accusing him of laundering Tk 678 crore through gold and diamond smuggling.
According to a press statement of the CID on Tuesday, the case was registered at Gulshan Police Station following a preliminary investigation that indicated Agarwala’s involvement.
CID’s Financial Crime Unit began its inquiry on 29 September last year examining Diamond World Ltd’s financial records, documents, and bank accounts.
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According to the investigators, the Diamond World had acquired gold and diamonds through smuggling from the local market, generating substantial undeclared income.
CID’s press statement noted that 57-year-old Agarwala has long engaged in money laundering and smuggling under the guise of operating his jewellery business both in Bangladesh and abroad.
Diamond World, between 2006 and 2024, legally imported goods worth Tk 38.47 crore including gold bars, ornaments, and loose diamonds through letters of credit.
The company, during the same period, allegedly purchased Tk 678 crore worth of gold and diamonds through local purchases and exchanges without providing valid documentation of suppliers or sources. CID said this lack of records strongly suggests the items were smuggled into the country.
The investigation also uncovered evidence that Agarwala converted, transferred, and used assets derived from smuggling. As the offence falls under CID’s jurisdiction, the agency will carry out a full investigation, including verification of documents, bank transactions, and individuals connected to the alleged laundering.
The Anti-Corruption Commission (ACC) earlier on 8 October lodged several cases against Dilip, former president of Bangladesh Jewellers’ Association (BAJUS) Enamul Haque Khan Dolon, and their spouses.
The accused have been facing allegations of accumulating wealth beyond known income sources, holding illegal assets, and laundering money.
According to the case, Dilip unlawfully acquired assets valued at Tk112.47 crore. Investigators also detected suspicious transactions totaling Tk755.30 crore across 34 bank accounts under his name.
