A businessman, Aneesh Babu, 35, from Kollam, was arrested by the Enforcement Directorate (ED) in Ernakulam for deceiving Kerala cashew traders of Rs 24 crore by falsely promising to source low-cost stock from Tanzania. He was apprehended under the Prevention of Money Laundering Act on January 14 and presented before the Special Court in Ernakulam, which remanded him to judicial custody until January 19.
The ED’s investigation, triggered by multiple FIRs filed by Kerala Police and re-registered by the Crime Branch in Kollam, exposed Babu’s fraudulent activities through his companies in Tanzania, Sharjah, and Kollam. He lured traders into investing large sums with the assurance of importing raw cashews from Africa but failed to fulfill the commitments, leaving complainants out of pocket.
A total of around Rs 24.76 crore in advances was collected from victims, but the promised cashew supplies never materialized, and the funds were neither returned nor accounted for. Babu allegedly resorted to providing fake documents like Bills of Lading and cheques to mislead the victims, leading to charges of money laundering under the PMLA.
Despite repeated summonses and a non-cooperative attitude during the investigation, Babu’s failure to produce essential documents and his attempts to evade scrutiny led to his arrest. The ED’s focus now shifts to tracing the money trail, especially overseas, and identifying other individuals involved in the money laundering scheme.
