Kochi, Jan 15 (NationPress) The Enforcement Directorate (ED) has apprehended a businessman who allegedly deceived cashew traders in Kerala out of ₹24 crore, promising to procure inexpensive stock from Tanzania. This arrest took place in Ernakulam, as noted in an official announcement made on Thursday.

Aneesh Babu, aged 35 and hailing from Kollam, was taken into custody on January 14 under Section 19(1) of the Prevention of Money Laundering Act (PMLA), 2002.

On the same day, he was presented before the Special Court (PMLA) in Ernakulam, where he was remanded to judicial custody until January 19.

The ED launched an investigation following multiple FIRs filed by the Kerala Police, which were subsequently re-registered by the Crime Branch in Kollam, highlighting widespread fraud against cashew traders.

Investigations revealed that Aneesh Babu, through his companies—Bi Southern Trade Ltd (Tanzania), Praise Exports FZE (Sharjah), and Vazhavila Cashews (Kollam)—lured numerous traders into parting with substantial amounts of money, falsely assuring them of the import and delivery of raw cashews from Tanzania and Africa, as stated by the ED.

According to the ED's findings, advances totaling around ₹24.76 crore were extracted from various victims. However, neither the promised cashews were delivered, nor were the advances returned.

Instead, victims were misled with forged documents, including Bills of Lading, SWIFT communications, and checks, as per the ED's report.

The funds collected were subsequently manipulated, concealed, and partially held overseas, thus generating, possessing, using, and misrepresenting the Proceeds of Crime (POC), which constitutes the crime of money laundering under Section 3 of the PMLA, 2002.

Throughout the investigation, Aneesh Babu received repeated summons under Section 50 of the PMLA since 2021. His behavior was deemed non-cooperative and evasive, with only one appearance on January 3, 2025, according to the ED.

He consistently avoided providing necessary documents and did not cooperate with the investigation process. His applications for anticipatory bail were denied by the Sessions Court in Ernakulam, along with the Kerala High Court and the Supreme Court.

On January 14, 2026, Aneesh Babu's statement was recorded at the ED office, where he provided vague responses and failed to reveal critical information regarding the use and offshore holding of the proceeds from crime. Due to concerns about potential evidence tampering, witness influence, and evasion of legal procedures, he was arrested.

The High Court, while deliberating on Aneesh Babu's anticipatory bail request, also noted that his custodial interrogation was essential to trace the money trail, emphasizing that the ED would follow the money, particularly overseas, and identify other individuals implicated in the money laundering scheme.