The Enforcement Directorate has arrested two men, S. Naveen Kumar and S. Muthuselvam, in connection with an alleged Ponzi and investment fraud amounting to Rs. 1,417.86 crore operated under the name of Unique Exports and associated firms.
According to ED, its Chennai Zonal Office-II officials took both suspects into custody on September 29, 2026, under Section 19 of the Prevention of Money Laundering Act.
A Special PMLA Court subsequently remanded the accused to 15 days of judicial custody. The money laundering probe stems from several first information reports filed by the District Crime Branch in Erode, Tamil Nadu, under various sections of the Indian Penal Code and the Tamil Nadu Protection of Interests of Depositors Act.
ED, Chennai has arrested S. Naveen Kumar and S. Muthuselvam on 29.09.2026 under Section 19 of PMLA in connection with an investment fraud investigation involving M/s Unique Exports & associated entities. Both the accused were produced before the Hon’ble Special Court, PMLA, which… pic.twitter.com/RRjYWJaKb4
— ED (@dir_ed) October 1, 2026
The statement said, “ED investigation has revealed that S Naveen Kumar, S 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 premise of huge returns from exports of agricultural goods. Investigations revealed that Unique Exports and related entities did not undertake any substantial exports but continued to collect money from investors on the premise of high returns against export profits.”
ED’s further probe revealed that Rs. 1,417.86 crore (approx.) was mobilised from about 35,759 investors. Rs. 719 crore (approx.) was found deposited in various bank accounts of entities related to Unique Exports. Investor funds were routed through more than 100 bank accounts held in the name of M/s Unique Exports, associated concerns, family members and close associates.
ED said that Naveen Kumar, the proprietor of 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 (approx.) 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.
ED said, “Muthuselvam [played] a central role in devising and operating the scheme, mobilising investors and routing funds. Investigation by ED showed that against an investment of approximately Rs. 42.10 lakh, he received Rs. 12.72 crore (approx.) as returns, commissions, referral benefits and other payments. He received and distributed investors’ funds through his personal accounts and connected entities, including M/s Dhanyasree and M/s Universe369 Infra Private Limited.”
Earlier, ED conducted searches under Section 17 of the PMLA at nine premises connected with Naveen Kumar and his associates on June 16 and 17, 2026.
