Context : Aims : We investigate the circumstellar dust shell of the water fountain source IRAS 16342–3814 . Methods : We performed two-dimensional radiative transfer modeling of the dust shell , taking into account previously observed spectral energy distributions ( SEDs ) and our new J -band imaging and H - and K _ { S } -band imaging polarimetry obtained using the VLT / NACO instrument . Results : Previous observations expect an optically thick torus in the equatorial plane because of a striking bipolar appearance and a large viewing angle of 30 – 40 \degr . However , models with such a torus as well as a bipolar lobe and an AGB shell can not fit the SED and the images simultaneously . We find that an additional optically and geometrically thick disk located inside a massive torus solves this problem . The masses of the disk and the torus are estimated to be 0.01 M _ { \sun } at the a _ { \mathrm { max } } = 100 ~ { } \mu m dust and 1 M _ { \sun } at a _ { \mathrm { max } } = 10 ~ { } \mu m dust , respectively . Conclusions : We discuss a possible formation scenario for the disk and torus based on a similar mechanism to the equatorial back flow . IRAS 16342–3814 is expected to undergo mass loss at a high rate . The radiation from the central star is shielded by the dust that was ejected in the subsequent mass loss event . As a result , the radiation pressure on dust particles can not govern the motion of the particles anymore . The mass loss flow can be concentrated in the equatorial plane by help of an interaction , which might be the gravitational attraction by the companion , if it exists in IRAS 16342–3814 . A fraction of the ejecta is captured in a circum-companion or circum-binary disk and the remains are escaping from the central star ( s ) and form the massive torus .