CID files Tk678 crore money laundering case against Diamond World owner Dilip Agarwala

The Criminal Investigation Department (CID) of police has filed a case against Diamond World owner and Awami League leader Dilip Kumar Agarwala, accusing him of laundering Tk678 crore earned through the smuggling of gold and diamonds.

CID's Financial Crime Unit launched an inquiry on 29 September 2024 after examining the company's financial records, documents, and bank accounts. Investigators found that Diamond World collected large quantities of gold and diamonds from the local market without any valid documentation, allegedly sourced through cross-border smuggling networks, reads a press statement issued by the CID today (18 November).

According to CID, while the company legally imported gold bars, ornaments, loose diamonds, and related goods worth Tk38.47 crore through LCs between 2006 and 2024, it acquired an additional Tk678 crore worth of gold and diamonds from local channels but failed to provide any proof of source or suppliers.

CID officials said the absence of valid paperwork strongly indicates that the bulk of these precious items entered the country through smuggling routes. The illegally obtained gold and diamonds were later used for money laundering and illicit financial transactions.

Following the verification of documents and financial trails, CID submitted its findings to the additional inspector general of police and received approval to file a case on 16 November 2025. The case was filed at Gulshan Police Station yesterday (17 November) under the Money Laundering Prevention Act 2012.

Agarwala, 57, originally from Chuadanga, is accused of running long-term smuggling and money-laundering operations under the cover of his businesses - Diamond World and Diamond World Limited - in Bangladesh and abroad.

The case has been listed under CID's jurisdiction, and the agency will conduct a comprehensive investigation into the company's financial activities, bank transactions, and associated individuals.

Earlier on 8 October, the Anti-Corruption Commission (ACC) filed cases against Diamond World Managing Director and Awami League leader Dilip Kumar Agarwala, former president of the Bangladesh Jewellers' Association (Bajus) Enamul Haque Khan Dolon, and their wives.

According to ACC sources, the accused are facing charges of amassing wealth beyond known sources of income, possessing illegal assets, and laundering money.

As per the case statement, Dilip Kumar Agarwala illegally acquired and possessed assets worth Tk112.47 crore. In addition, suspicious transactions amounting to Tk755.30 crore were detected across 34 bank accounts in his name.