New Delhi, Jan. 15 -- The Enforcement Directorate's Kochi Zonal Office announced on Wednesday the arrest of one Aneesh Babu in connection with a money laundering case.
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) based on multiple First Information Reports filed by the Kerala Police and re-registered by the Crime Branch in Kollam. The FIRs alleged a large-scale fraud against cashew traders.
According to the agency, Aneesh Babu, using his entities - Bi Southern Trade Ltd (Tanzania), Praise Exports FZE (Sharjah), and Vazhavila Cashews (Kollam) - induced several traders to part with large sums of money. He allegedly promised the import and supply of raw cashews from Tanzania and Africa, but failed to...