Diamond World owner sued for 'laundering' Tk 6.78 billion

The Criminal Investigation Department (CID) has filed a case against Diamond World owner Dilip Kumar Agarwala on allegations of laundering Tk 6.78 billion through the smuggling of gold and diamonds.

According to a CID statement, the money laundering case was lodged at Gulshan Police Station on Monday under the Money Laundering Prevention Act.

CID officials said preliminary findings indicate that Dilip illicitly acquired Tk 6.78 billion through the illegal collection and smuggling of gold and diamonds.

Citing preliminary investigations, the agency said that the company legally imported gold bars, jewellery, loose diamonds and other items worth Tk 38.47 million through letters of credit between Sept 6, 2006 and Feb 8, 2024.

During the same period, however, the company procured gold and diamonds worth Tk 6.78 billion from the local market through purchases, exchanges and conversions, but failed to provide valid documentation for the sources or suppliers when asked by CID.

Due to the absence of proper records, the CID says it “appears” that these large quantities of gold and diamonds were brought into the country illegally through smuggling.

On Sept 3 last year, RAB arrested Dilip during a midnight raid at the Diamond World office in Gulshan.