India


ED arrests man in Rs. 24.76 cr cashew trading fraud

New Delhi, Jan 15 (UNI) 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 deliver.
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