Diamond World Owner Sued for Money Laundering

The owner of Diamond World, Dilip Kumar Agarwala, is facing a lawsuit filed by the Criminal Investigation Department (CID) on serious allegations of laundering Tk 6.78 billion (approximately $61.6 million USD) through the illicit smuggling of gold and diamonds.

Dilip Kumar Agarwala, owner of Diamond World charged for Money laundering of Tk 6.78 billion. Criminal Investigation Department (CID). Gulshan Police Station, Monday, under the Money Laundering Prevention Act.

CID's preliminary investigation indicates that Dilip illicitly acquired Tk 6.78 billion. The core of the allegation centers on a massive discrepancy between legally imported and locally sourced materials: Between September 6, 2006, and February 8, 2024, Diamond World legally imported gold bars, jewelry, and loose diamonds worth only Tk 38.47 million via Letters of Credit (LCs).

During the same period, the company procured a vast quantity of gold and diamonds worth Tk 6.78 billion from the local market through purchases, exchanges, and conversions. The company failed to provide CID with valid documentation regarding the sources or suppliers for this huge volume of locally procured materials. Due to the absence of proper records, CID suspects that this large quantity of materials was brought into the country illegally through smuggling.

It is also noted that Dilip Kumar Agarwala was previously arrested by the Rapid Action Battalion (RAB) on September 3 of last year during a midnight raid at the Diamond World office in Gulshan.