ED files complaint against K. Babu for money laundering

The Enforcement Directorate (ED) has filed a final complaint against former Excise Minister K. Babu for alleged money laundering. The complaint was submitted to a court in Kochi on Wednesday. According to the ED, Babu has accumulated ₹25.82 lakh beyond his known income sources. This amount is over 49.45% more than what he should have earned according to his reported income. The case against him began after the State Vigilance started an investigation into his wealth accumulation. Babu's income during the relevant period was calculated at ₹52.21 lakh, while his expenditures were ₹49.78 lakh. The value of his movable assets was assessed at ₹1.43 lakh. He also owned 63 sovereigns of gold and a building on a 16-cent plot. However, the ED claimed his movable assets increased to ₹29.68 lakh by May 2016, even as his gold holdings decreased to 25.61 sovereigns. The ED maintains that Babu's wealth was derived from illegal activities, making it a case of money laundering. Supporters of Babu say that a petition challenging a previous court decision regarding the wealth amassment case is currently under review by the Kerala High Court. They highlight that the ED's case is linked to this pending challenge.