A Dhaka court has granted a one-day remand for Dilip Kumar Agarwala, managing director of Diamond World, in a case filed over alleged money laundering and the purchase and sale of illegally smuggled gold and diamonds worth around Tk 6.78 billion.
On Tuesday (October 20), Dhaka Metropolitan Magistrate Md Ariful Islam passed the order after a hearing. Earlier, the case investigation officer, Sub-Inspector Md Ashraful Hasan of the Criminal Investigation Department (CID), had sought a three-day remand for questioning.
Police produced Agarwala before the Dhaka Chief Metropolitan Magistrate’s Court at around 2:10pm on Tuesday. He was initially kept in the court lockup and brought to the courtroom at around 3:00pm for the hearing.
Seeking remand, the investigation officer said the case was under investigation and that the accused needed to be interrogated in police custody to collect and examine relevant information and evidence and establish the allegations of money laundering.
Lawyers for the accused opposed the remand plea and sought its cancellation and bail. The prosecution opposed bail and sought a maximum three-day remand. After the hearing, the court rejected the bail petition and granted a one-day remand.
Sub-Inspector Mazharul Islam of the prosecution division confirmed the development.
Earlier, the Detective Branch (DB) of Dhaka Metropolitan Police arrested Agarwala from Banani on Monday (October 19) evening.
In November last year, the CID’s Financial Crime Unit filed the case with Gulshan Police Station in the capital. Police Inspector (unarmed) Mohammad Asaduzzaman Sheikh filed the complaint.
According to the case statement, the alleged offences took place at Diamond World’s showroom and office on Gulshan Avenue at different times between September 6, 2006, and February 8, 2024.
According to the CID’s investigation, bank accounts, relevant documents and interrogation findings showed that Diamond World, owned by Agarwala, legally imported gold bars, gold jewellery, loose diamonds and ornaments worth only Tk 384,748,011.52 from abroad through letters of credit (LCs).
However, the investigation found that during the same period, the company purchased, exchanged or converted gold and diamonds worth a total of Tk 6,781,914,014 from the local market.