CID sues Diamond World owner over Tk 6.78b laundering

The Criminal Investigation Department (CID) has filed a case against Dilip Kumar Agarwala, the owner of Diamond World Limited, after finding preliminary evidence of money laundering involving more than Tk 6.78 billion through gold and diamond smuggling.
CID's Financial Crime Unit lodged the case under the Money Laundering Prevention Act at Gulshan Police Station, said Special Superintendent (Media) of CID Jasim Uddin Khan on Tuesday.
The investigation began on September 29 last year after CID examined the company's financial transactions, bank accounts and related documents, he said. "The probe found that Diamond World Limited had acquired a large volume of gold and diamonds from the local market without any legal source or documentation."
According to CID, the company legally imported goods worth over Tk 384 million -- including gold bars, jewellery and loose diamonds through letters of credit -- between September 6, 2006 and February 8, 2024. However, during the same period, it procured gold and diamonds worth more than Tk 6.78 billion from the local market, far exceeding its declared imports.
Mr Jasim said CID has preliminarily confirmed that the additional gold and diamonds were smuggled into the country and used to generate illicit profits.
Mr Agarwala, originally from Bazarpara in Chuadanga Sadar and now residing in Banani (Dhaka), has long operated gold and diamond businesses both at home and abroad through Diamond World and Diamond World Limited, he added.
Behind this business network, CID believes Mr Agarwala has been engaged in money laundering and smuggling for an extended period. After gathering evidence related to the conversion, transfer and use of assets acquired through smuggling, CID received approval to file the case on November 16, 2025.
CID will now conduct a full investigation, with officials saying operations will continue to bring money launderers to justice and safeguard the country's financial interests.

talhabinhabib@yahoo.com