Kochi’s Enforcement Directorate team struck decisively, apprehending Anish Babu from Kollam on charges of defrauding cashew merchants. The scam, estimated at several crores, involved false promises and embezzled funds, shaking the foundations of Kerala’s cashew trade.

Babu, known in trading circles for his export dealings, reportedly convinced fellow businessmen to invest in lucrative overseas deals. Instead, he allegedly pocketed the money through a web of fictitious transactions and offshore accounts.

The probe gained momentum following tips from aggrieved traders who lost substantial sums. ED sleuths executed search operations, seizing ledgers, laptops, and financial records that exposed the fraud’s scale. Preliminary findings point to involvement of accomplices in processing and logistics.

Kollam’s cashew hub, famous for its processing units and global exports, now faces scrutiny. Associations representing traders demand immediate reforms, including digital verification of deals and enhanced banking vigilance.

During interrogation, Babu reportedly confessed to partial irregularities but denied large-scale cheating. The court has ordered his detention amid ongoing asset seizures. This development underscores rising white-collar crimes in agro-business, urging stakeholders to adopt cautious practices.

As the ED widens its net, the cashew fraternity braces for more revelations. This arrest serves as a stern warning to fraudsters preying on industry trust.