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Tk 678 Cr laundering case: 1-day remand for Diamond World MD
Published : Tuesday, 20 October, 2026 at 5:09 PM
Court Correspondent
A Dhaka court on Tuesday placed Diamond World Managing Director Dilip Kumar Agarwala on a one-day remand in a money laundering case involving the alleged illegal trading of gold and diamonds worth Tk 678.19 crore.
Dhaka Metropolitan Magistrate Md Ariful Islam passed the order after a hearing on October 20, rejecting Agarwala’s bail petition. The Criminal Investigation Department (CID) had sought a three-day remand for interrogation.
Agarwala was arrested by the Detective Branch of Dhaka Metropolitan Police from Banani on Monday evening. He was produced before the Chief Metropolitan Magistrate’s Court on Tuesday.
The CID investigation officer told the court that Agarwala needed to be interrogated to collect and examine evidence and establish the alleged money laundering activities. His lawyers opposed the remand and sought his release on bail, while the prosecution opposed bail.
According to the case statement, the CID found that Diamond World legally imported gold bars, gold jewellery, loose diamonds and ornaments worth Tk 38.47 crore through letters of credit (LCs).
However, between September 6, 2006 and February 8, 2024, the company allegedly purchased, exchanged or converted gold and diamonds worth Tk 678.19 crore from the local market.
The case documents state that the company failed to provide valid documents identifying the sources of the gold and diamonds purchased locally.
The CID alleges that Agarwala used Diamond World and Diamond World Limited to purchase and sell smuggled gold and diamonds over an extended period, generating Tk 678.19 crore through the transactions.
The case was filed with Gulshan Police Station in November last year by a CID Financial Crime Unit inspector.
Agarwala was previously arrested by the Rapid Action Battalion (RAB) on September 3, 2024 and subsequently shown arrested in several murder cases. After securing bail in those cases, he was released from prison on October 1, 2025.
The allegations in the gold and diamond smuggling case remain under investigation.
-MAL/MT
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Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000.
Phone: PABX- 41053001-06; Advertisement: 41053012; 01793317829, 01550707291, E-mail: [email protected], [email protected] Online: email: [email protected] 41053014; 01550707297 Advertisement: 01550707296
