The Criminal Investigation Department (CID) has launched a money laundering investigation against Diamond World and individuals associated with the company, over allegations of gold and diamond smuggling.
CID’s Financial Crime team is investigating the matter, states a CID headquarters press statement issued Tuesday, adding that Diamond World Managing Director Dilip Kumar Agarwala has been accused of money laundering, cheating, fraud, and smuggling gold and diamonds.
He is accused of fraudulently selling high-quality glass pieces as genuine diamonds instead of genuine diamonds through showrooms in various districts.
Agarwala is also accused of controlling a gold smuggling syndicate in Dubai-Singapore, three jewellery shops and 11 houses in India’s Kolkata and amassing huge amounts of illegal wealth in Malaysia, Dubai and Canada, it said.
The press release further said the CID Financial Crime team initiated a money laundering investigation on the basis of these allegations, as well as another allegation of illegally investing Tk 40 crore as the director of a bank.
