CID Files Case Against Diamond World Chief for BDT 678 Crore Money Laundering

DHAKA, November 18, 2025 – The Criminal Investigation Department (CID) of the Bangladesh Police has filed a formal case against Dilip Kumar Agarwala, Managing Director of Diamond World Limited, on charges of laundering BDT 678.19 crore (approximately $65 million USD) earned through the illegal smuggling of gold and diamonds.

The case, lodged at Gulshan Police Station, invokes the Money Laundering Prevention Act, 2012, and follows a detailed inquiry conducted by the CID’s Financial Crime Unit.

Allegations of Undocumented Acquisition
The CID initiated its inquiry on September 29, 2024, by meticulously examining the company’s financial records and import documentation. The investigation revealed a massive discrepancy between legally declared imports and the actual volume of precious metals acquired by the company:

Legal Imports: From 2006 to 2024, Diamond World legally imported gold, jewelry, and diamonds worth only BDT 38.47 crore through official Letters of Credit (LCs).

Illicit Funds: During the same period, the company acquired an additional BDT 678.19 crore worth of precious items from local markets but failed to provide any legal source or supplier documentation for these substantial transactions.

CID officials assert that the absence of valid paperwork strongly suggests this significant quantity of gold and diamonds was brought into the country illegally through sophisticated smuggling networks. The illegally acquired assets were subsequently used for money laundering and other illicit financial activities.

Context of Ongoing Legal Actions
Mr. Agarwala, a prominent figure in the country’s jewelry trade and a former president of the Bangladesh Jewellers Association (BAJUS), had also been associated with the Awami League’s central industry and commerce sub-committee.

The latest legal action is part of a series of intensive corruption investigations against high-profile businessmen and political figures initiated by the interim government. Mr. Agarwala is already detained in connection with a separate murder case filed during the anti-discrimination movement. Furthermore, the Anti-Corruption Commission (ACC) had previously filed separate graft cases against him and his wife, Sobita Agarwala, for acquiring assets beyond known sources of income.

The CID received approval to file the money laundering case on November 16, and the investigation will now focus on tracing the financial trails of the laundered funds both domestically and internationally to facilitate asset recovery.