States » SouthPosted at: Oct 3 2026 2:20PM


Two arrested by ED in Rs 1,417.86 cr Unique Exports investment fraud case

Chennai, Oct 3 (UNI) The Enforcement Directorate (ED) has arrested two key accused in connection with the Rs.1,417.86 crore Unique Exports investment fraud case.
In a statement here the agency said ED Chennai Zonal Office–II, arrested the mastermind S.Naveen Kumar and S.Muthuselvam under Section 19 of the Prevention of Money Laundering Act, 2002 (PMLA), in connection with a money-laundering investigation related to
an investment fraud involving M/s.Unique Exports and its associated entities.
The arrests came in the backdrop of the raids conducted by the ED at nine premises linked to Naveen Kumar and his associates on June 16 and 17 under Section 17 of the PMLA.
Both the accused were produced before the Special Court, PMLA and were remanded in judicial custody.
ED initiated the probe on the basis of FIR registered by the Erode District Crime Branch Wing of the Tamil Nadu Police under various provisions of the IPC and the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) (TNPID) Act.
The ED investigation has revealed that Naveen Kumar, Muthuselvam and their associates devised and operated investment schemes viz UNI, FNP, FAP and UNR under the banner of Unique Exports, East Valley Agro Firms and other related entities. Innocent investors were induced to invest on the promise of high returns from exports of agricultural goods.
Investigations further revealed that Unique Exports and related entities did not undertake any substantial exports but continued to collect money from investors on the promise of high returns against export profits.
The ED said Rs 1,417.86 crore (Approx.) was mobilised from about 35,759 investors of which Rs.719 crore was deposited in various bank accounts of entities related to Unique Exports. Investor funds were routed through more than 100 bank accounts held in the names of M/s Unique Exports, associated concerns, family members and close associates.
Naveen Kumar, who is the proprietor of M/s Unique Exports, was the mastermind behind the investment schemes and controlled the banking operations and movement of investor funds. Banking analysis revealed that Rs.390.90 crore was recorded as salary payments, although only four persons worked in the concern. Further, Rs.79.56 crore was recorded as onion and commodity purchases without
any actual purchase of agricultural goods. These transactions were used to layer and conceal investor funds under the guise of business expenditure.
Pointing out that Muthuselvam has played a central role in devising and operating the schemes, mobilising investors and routing funds, the agency said investigations also revealed that, against an investment of approximately Rs.42.10 lakh, he received Rs.12.72 crore as returns, commission, referral benefits and other payments. He received and distributed investor funds through his personal accounts and connected entities, including M/s Dhanyasree Enterprises and M/s Universe369 Infra Private Limited.
Further investigation is under progress.
UNI GV 1415
Tags: #Two arrested by ED in Rs 1#417.86 cr Unique Exports investment fraud case
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