The Criminal Investigation Department (CID) has filed a money laundering case against Dilip Kumar Agarwala, owner of jewellery brand Diamond World, for allegedly laundering Tk 678 crore through smuggling of gold and diamonds.
The case was lodged with Gulshan Police Station after a primary investigation found his involvement in money laundering, said Jasim Uddin Khan, special superintendent (media) of CID.
CID's Financial Crime Unit initiated an inquiry on September 29 last year after scrutinising Diamond World Ltd's financial transactions, documents, and bank accounts.
Investigators found that the company had procured gold and diamonds from the local market through smuggling and generated a huge undeclared income, CID said in a press statement today.
Dilip, 57, has long been involved in money laundering and smuggling under the cover of running his gold and diamond business in Bangladesh and abroad, it added.
Investigators found that the company legally imported goods worth Tk 38.47 crore — including gold bars, ornaments, loose diamonds, and other items — through LCs between September 6, 2006, and February 8, 2024.
However, during the same period, Diamond World allegedly procured Tk 678 crore worth of gold and diamonds through local purchase, exchange, or other means but could not produce any valid documents identifying the suppliers or sources, the press statement said.
CID said the absence of documents indicates that the huge amount of gold and diamonds had been smuggled into the country.
The inquiry also found evidence suggesting that Dilip converted, transferred, and used assets and crime proceeds generated from smuggling, CID said.
As the case has been listed as a scheduled offence under CID, the specialised agency will conduct the full investigation, including verification of documents, bank transactions, and information of individuals linked to the alleged laundering.