Dilip Kumar Agarwala, once a modest contractor, has seen his fortunes drastically transform over the past two decades. During this period, he accumulated wealth worth hundreds of crores and established a vast empire of illegal assets both domestically and internationally. His influence has even earned him the title of CIP (Commercially Important Person).
According to information obtained by The South Asian Times, Agarwala, the head of Diamond World Limited, is seen as a godfather of gold and diamond smuggling syndicates both within and beyond national borders.
Authorities suggest that he operates alongside at least fifty other prominent figures in smuggling operations.
The Criminal Investigation Department (CID) and the Anti-Corruption Commission (ACC) have launched probes into Agarwala for gold and diamond smuggling, money laundering, and selling high-quality glass as diamonds.
He has also amassed illegal wealth, including ownership of three jewelry shops in Kolkata, 11 houses across India, and significant properties in Malaysia, Dubai, and Canada.
Despite benefiting from the recently ousted Awami league-led government's rule, he recently sought to align himself with the BNP.
However, before he could solidify his political shift, the Rapid Action Battalion (RAB) arrested him just before midnight.
Jewelry traders allege Agarwala has amassed assets worth thousands of crores under multiple aliases. They blame unethical practices by individuals like him for causing instability in the gold market and calling on law enforcement and customs officials to take strict action against such smugglers.
Under the cover of a jewelry business, Dilip Kumar Agarwala has built a vast gold smuggling network, with his operations based in the Baitul Mukarram market in Dhaka.
Industry insiders reveal that his syndicate smuggles gold through air, land, and sea routes, driven by the lure of huge profits. Additionally, he runs a money laundering ring, transferring funds abroad through Hundi systems (unofficial channel for money transaction that incurs financial losses to the government).
Documents reviewed by The South Asian Times reveal Agarwala's declared annual income is around BDT 4 crore. He has cash and foreign currency amounting to nearly BDT 13 crore, with movable assets valued at BDT 191 crore. His wife possesses assets worth BDT 49 crore.
Besides, Agarwala owns significant immovable assets, including properties in Dhaka and Chuadanga worth around BDT 7.5 crore, and agricultural land valued at BDT 31 crore. His wife's immovable assets total BDT 40 crore.
However, insiders suggest his actual income is much higher than he declares, as he continues to profit from selling fake diamonds disguised as genuine ones.
In 2017, the ACC began investigating Dilip Kumar Agarwala for his fraudulent guarantees of artificial diamonds, but no conclusive report has been submitted yet. Alongside smuggling allegations, Dilip is also facing murder charges related to the killing of former Awami League MP Anwarul Haque in India.
Further, his affidavit contains inconsistent details about his wealth. He declared 188 tolas of gold and 46 grams of diamonds valued at BDT 1.05 crore, while his wife’s 239 tolas of gold and 62 grams of diamonds were valued at only BDT 85 lakh. Additionally, his son’s 225 tolas of gold and 24-carat diamond assets were not disclosed.
As a businessman, Dilip Kumar Agarwala also declared loans of BDT 13 crore, while his wife, a housewife, had loans totaling BDT 21 crore, further exposing inconsistencies in his affidavit.
A closer review of his affidavit reveals significant discrepancies in the reported value of his real estate assets.
Between 2019 and 2023, Dilip purchased seven flats in the same apartment complex in Gulshan, Dhaka. He listed two flats in Akash Tower with a value of BDT 3.04 crore each, although the actual market value was estimated to be much higher, around BDT 12 crore.
In the same apartment complex, Dilip declared a flat on the 14th floor, purchased in 2023, as being worth just BDT 1.73 crore, much below its actual market value. Similar understatements have been identified in other property transactions.
Dilip also manipulated land purchase prices. In January 2023, he bought 25 decimals of land in Rupganj for BDT 34.72 lakh, an unrealistically low amount. Locals estimate the market rate at BDT 10 lakh per decimal, suggesting the land's true value was closer to BDT 2.5 crore.
The South Asian Times holds documentary evidence supporting these allegations. Due to his recent arrest and imprisonment, Agarwala was unavailable for comment.
