“Jewelry Brand Owner Faces Tk 678 Crore Money Laundering Case”

The owner of Diamond World jewelry brand, Dilip Kumar Agarwala, is facing a money laundering case amounting to Tk 678 crore. The Criminal Investigation Department (CID) initiated the case after discovering his alleged involvement in smuggling gold and diamonds. CID’s Financial Crime Unit began an inquiry in September last year, examining the financial activities of Diamond World Ltd. Investigators uncovered that the company acquired gold and diamonds through smuggling, leading to substantial undisclosed earnings. Dilip, aged 57, has purportedly conducted money laundering and smuggling activities through his jewelry business both in Bangladesh and overseas. Despite legally importing goods worth Tk 38.47 crore between September 6, 2006, and February 8, 2024, Diamond World allegedly obtained Tk 678 crore worth of gold and diamonds through dubious local transactions without proper documentation of the suppliers or sources. CID indicated that the lack of documentation indicates potential smuggling activities. The investigation also revealed that Dilip allegedly converted, transferred, and utilized assets and illicit proceeds from smuggling operations. The case is classified as a scheduled offense under CID, prompting the specialized agency to conduct a thorough investigation, including the verification of documents, bank transactions, and individuals associated with the suspected money laundering.