Diamond World MD Dilip remanded in Tk678cr money laundering case

A Dhaka court on Tuesday placed Diamond World Managing Director Dilip Kumar Agarwala on a one-day remand in a case filed over alleged money laundering of Tk678.19 crore through gold and diamond smuggling.

Dhaka Metropolitan Magistrate Ariful Islam passed the order after a hearing, State Prosecutor Harun-or-Rashid said.

Earlier in the day, police produced the accused before the court around 3pm. 

Criminal Investigation Department (CID) of police Sub-Inspector Md Ashraful Hasan, also the investigating officer in the case, sought a three-day remand for interrogation.

During the hearing, the prosecution argued in favour of the remand plea, while the defence opposed the move and sought bail for the accused.

According to the prosecution, the accused needed to be questioned in police custody to gather and examine relevant information and establish the facts surrounding the alleged money laundering, as the case was still under investigation.

However, the defence claimed the gold and diamonds were legally imported and that all relevant documents were submitted to investigators. It also argued that no specific financial discrepancy had been identified.

After hearing both sides, the court granted a one-day remand.

On 19 October, the Detective Branch (DB) of the Dhaka Metropolitan Police arrested Dilip in the capital's Banani area.

According to the case documents, an inquiry against Agarwala began on 29 September 2024.

The documents state that his company legally imported gold bars, gold ornaments, loose diamonds, other diamond products, jewellery and related goods worth Tk38.47 crore through letters of credit (LCs) between 6 September 2006 and 8 February 2024.

However, the company also procured gold and diamond products worth Tk678.19 crore from local markets through purchases, exchanges and replacements at different times.

The CID alleged that Dilip failed to provide valid documents identifying the sellers or establishing the sources of the gold and diamond products. 

The case was subsequently filed over allegations that the products were acquired through smuggling and the proceeds were laundered.

On 3 September 2024, the then Rapid Action Battalion (RAB) arrested him over allegations of gold and diamond smuggling, fraud, forgery and money laundering. 

He was later also shown arrested in a case filed over the killing of a teenager, Hridoy Ahmed, in Badda during the July quota reform movement. 

Police also questioned him on remand in connection with the murder case. He was later released on bail.