ED Arrests Two in ₹1,417-Crore Unique Exports Investment Fraud Case
The Enforcement Directorate (ED), Chennai Zonal Office-II, has arrested S. Naveen Kumar and S. Muthuselvam in connection with a money-laundering investigation linked to an alleged investment fraud involving M/s Unique Exports and its associated entities.
The two were arrested on September 29, 2026, under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002. They were subsequently produced before the Special Court, PMLA, which sent both accused to 15 days of judicial custody.
The ED investigation was initiated following an FIR registered by the District Crime Branch, Erode, Tamil Nadu Police, under various provisions of the IPC and the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act (TNPID Act).
According to the ED, Naveen Kumar, Muthuselvam and their associates allegedly created and operated several investment schemes, including UNI, FNP, FAP and UNR, under the banner of Unique Exports, East Valley Agro Firms and other related entities.
Investigators allege that investors were attracted with promises of high returns generated through the export of agricultural products. However, the investigation reportedly found that Unique Exports and its associated entities did not carry out substantial export activities, while money continued to be collected from investors in the name of expected export profits.
The ED has estimated that around ₹1,417.86 crore was mobilised from approximately 35,759 investors. Of this, around ₹719 crore was found deposited in various bank accounts linked to Unique Exports and its associated entities.
According to the agency, investor funds were routed through more than 100 bank accounts held in the names of Unique Exports, related concerns, family members and close associates.
The ED has described S. Naveen Kumar, proprietor of M/s Unique Exports, as the key person behind the investment schemes. The agency alleges that he controlled the banking operations and movement of investor funds.
A detailed analysis of bank transactions allegedly showed that around ₹390.90 crore was recorded as salary payments, despite only four people reportedly working at the concern. Another ₹79.56 crore was shown as payments for onion and other commodity purchases, although the investigation found no evidence of actual agricultural purchases.
The ED alleges that these transactions were used to layer and conceal investor funds by presenting them as legitimate business expenses.
S. Muthuselvam is also alleged to have played a significant role in designing and operating the investment schemes, mobilising investors and routing funds. The investigation found that against an investment of approximately ₹42.10 lakh, he allegedly received around ₹12.72 crore through returns, commissions, referral benefits and other payments.
According to the agency, Muthuselvam also received and distributed investor funds through his personal bank accounts and connected entities, including M/s Dhanyasree Enterprises and M/s Universe369 Infra Private Limited.
Earlier, the ED conducted searches under Section 17 of the PMLA at nine premises linked to Naveen Kumar and his associates on June 16 and 17, 2026.
The investigation remains ongoing.
News Source : Information for this article was gathered from a variety of reliable news outlets.
