A significant victory for law enforcement in Kerala as Kochi ED officers arrest Anish Babu, the Kollam cashew trader at the center of a cheating scandal targeting fellow merchants. The operation exposed a sophisticated fraud exploiting industry networks.
Babu’s modus operandi was chillingly simple yet effective: He posed as a reliable exporter, securing advances for non-existent shipments. When queried, excuses flew—delays, embargoes—until the trail went cold.
Backed by forensic accounting, ED pieced together a timeline of deceit spanning two years. Seized assets include luxury vehicles and real estate bought with ill-gotten gains, now under attachment.
Kollam’s cashew market, a bustling epicenter of trade, buzzes with relief and caution. Veteran traders recount similar near-misses, advocating for blockchain-based tracking in supply chains.
Produced in court, Babu sought bail citing family hardships, but the judge prioritized justice for the cheated. The probe continues, with ED hinting at a larger syndicate.
This episode spotlights the need for robust regulatory frameworks in commodity trading. As Kerala reaffirms its agro-export prowess, such interventions ensure sustainable growth for all players.