Assistant Director Sajjad Hossain of the Anti-Corruption Commission (ACC) has sent letters to several government agencies requesting information on suspicious financial transactions involving Diamond World owner Dilip Kumar Agarwala.
On 8 October, the ACC filed a case against Agarwala, accusing him of illegally acquiring Tk 112 crore in assets and engaging in Tk 755 crore in suspicious transactions. During the ongoing investigation, officials are now also seeking documents related to six jewelry showrooms allegedly established abroad—three in Kolkata and three in Australia—through illicit money transfers.
According to ACC’s complaint, Agarwala, who originally came to Dhaka from Chuadanga with the help of his uncle Panna Agarwala, rose from modest beginnings to immense wealth in just two decades.
Despite earlier allegations during the Awami League government—three separate inquiries involving money laundering and illegal wealth—Agarwala received clearance from the ACC each time.
On Monday (17 November), the CID’s Financial Crime Unit filed a new case accusing Agarwala of laundering Tk 678 crore earned from smuggling gold and diamonds. The case was recorded at Gulshan Police Station.
A CID press release stated that on 29 September last year, the Financial Crime Unit began reviewing Diamond World’s financial transactions, documents, and bank accounts. Investigators found that the company had illegally acquired gold and diamonds from the local market through smuggling and generated untraceable income. Upon verifying preliminary evidence of smuggling and illicit profits, CID filed a money laundering case involving Tk 6,78,19,14,014 (approximately Tk 678.19 crore) under the Money Laundering Prevention Act, 2012.
Investigations revealed that Agarwala, as owner of Diamond World and Diamond World Ltd., had for years used the jewelry business as a cover for large-scale gold and diamond smuggling and money laundering operations.
Records further show that between 6 September 2006 and 8 February 2024, the company legally imported gold bars, ornaments, loose diamonds, and other items worth Tk 38.47 crore through letters of credit (LCs). However, during the same period, it acquired an additional Tk 678 crore worth of gold and diamonds through local purchases, exchanges, or conversions—without providing any legal documentation for their origin or suppliers. CID concluded that this massive quantity of gold and diamonds was most likely smuggled into the country.
After reviewing documents related to the conversion, transfer, and use of smuggled assets and illicit funds, investigators confirmed preliminary evidence of money laundering. CID then submitted its findings to the Additional IGP. On 16 November, the Financial Crime Unit received approval to proceed with the case.
The press statement added that since the money laundering case falls under CID’s jurisdiction, the agency will conduct a thorough investigation, examining all relevant documents, bank transactions, and individuals connected to the alleged crimes.
CID emphasized that its operations to bring individuals and groups involved in state-level financial crimes to justice—and to safeguard the country’s economic interests—will continue.