Banking analysis showed ₹390 crore as salary payments, despite only four persons being employed by the concern.
The Enforcement Directorate (ED) has arrested two men in connection with an alleged ₹1,417.86-crore investment fraud involving Unique Exports and its associated entities, which reportedly mobilised funds from 35,759 investors.
S. Naveen Kumar, 38, of Erode, and S. Muthuselvam, an ex-serviceman from Ramanathapuram, were arrested on September 29 under Section 19 of the Prevention of Money Laundering Act.
The ED launched the probe based on an FIR registered by District Crime Branch, Erode, under various provisions of the IPC and the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act. According to the ED, Naveen Kumar started Unique Exports and East Valley Agro Farms in 2017 and allegedly masterminded investment schemes operated under the names UNI, FNP, FAP, and UNR.
Investors were allegedly promised high returns from exports of agricultural commodities, though the firms did not undertake substantial exports.
The investigation found that about ₹719 crore was deposited in bank accounts linked to Unique Exports and its associates. Investor funds were allegedly routed through over 100 accounts held by the firms, family members, and associates.
Banking analysis showed that ₹390.90 crore was recorded as salary payments, despite only four persons being employed by the concern. Another ₹79.56 crore was recorded as payments for onion and commodity purchases, though the ED found no corresponding purchase of agricultural goods. The transactions were allegedly used to layer and conceal investor funds, it said.
The ED said Muthuselvam played a key role in mobilising investors and routing funds. Against an investment of about ₹42.10 lakh, he allegedly received around ₹12.72 crore as returns, commissions, and referral benefits. The funds were also routed through his personal accounts and entities linked to him, including Dhanyasree Enterprises and Universe369 Infra Private Limited.
The agency had earlier searched nine premises linked to Naveen Kumar and his associates on June 16 and June 17. Further investigation is under way.
Published – October 02, 2026 12:46 am IST
