CID starts probe against Diamond World MD Agarwala over money laundering, smuggling
He allegedly controls a Dubai-Singapore gold smuggling syndicate
The Criminal Investigation Department (CID) has launched an investigation into allegations of laundering money and smuggling gold and diamonds against Diamond World Managing Director Dilip Kumar Agarwala.
CID officer Azad Rahman from its CID media wing told The Business Standard that the Financial Crime Unit of the department has been tasked with conducting the investigation.
Financial Crime Unit's Special Superintendent of Police Basir Uddin told TBS that reports of money laundering against various individuals and institutions have surfaced.
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"We have received complaints of money laundering [against Agarwala] from various sources. We are investigating these complaints," he added.
According to CID sources, Agarwala has been committing fraud by selling high quality glass as diamonds through his showrooms in various districts. He also controls a Dubai-Singapore gold smuggling syndicate.
Besides, the CID is also looking into allegations against him regarding owning three jewellery shops and 11 houses in Kolkata, as well as amassing wealth illegally in Malaysia, Dubai and Canada. He allegedly became the director of a bank illegally by investing Tk40 crore.
Agarwala is a former president of Bangladesh Jewellers Association (Bajus), and former director and vice president of Federation of Bangladesh Chambers of Commerce & Industries (FBCCI).
He is also Awami League's Central Industry and Commerce Sub-Committee member.
For his contribution to the economy, he was announced as a Commercially Important Person (CIP) for by the then government.
