The Criminal Investigation Department’s (CID) Financial Crime Unit has filed a case against Diamond World owner Dilip Kumar Agarwal, accusing him of laundering Tk678 crore earned from illegally sourced gold and diamonds.
The CID, on Monday, registered the money laundering case with Gulshan Police Station under Section 4(2)(4) of the Money Laundering Prevention Act 2012 (Amended 2015).
According to the case documents, Agarwal laundered Tk6,78,19,14,014 by disguising smuggled assets within Diamond World’s regular business operations.
Senior Police Super Jasim Uddin Khan of the CID confirmed the filing of the case.
According to the CID, a detailed review of Diamond World’s financial transactions, documents, and bank accounts began on 29 September 2024 under the Financial Crime Unit.
Investigators found primary evidence that the company had been collecting gold and diamonds via smuggling from the local market and converting them into legitimate revenue streams.
Investigators reported that Diamond World legally imported gold bars, ornaments, and loose diamonds worth Tk38.47 crore between 6 September 2006 and 8 February 2024 through letters of credit.
However, during the same period, the company acquired an additional Tk678 crore worth of gold and diamonds from the local market - without providing any valid documents to verify their source.
CID officials stated that due to lack of proper documentation, the large quantities of gold and diamonds are believed to have been smuggled.
The investigation also identifies Dilip Kumar Agarwal, 57, as long involved in laundering illicit assets under the guise of operating a gold and diamond business both domestically and internationally.
The CID reaffirmed its commitment to bringing individuals and networks involved in money laundering to justice and safeguarding the country’s financial integrity.
.jpg "Bangladesh records 4 more measles-related deaths in past 24 hours")
