The Enforcement Directorate said in an October 1 statement that it had arrested S. Naveen Kumar and S. Muthuselvam in a money-laundering investigation involving Unique Exports and associated businesses. The arrests took place on September 29. A special PMLA court subsequently granted 15 days of judicial custody, the agency said. The disclosure is the latest development; it does not establish guilt.
According to the ED, the businesses attracted investors with promises of high returns from agricultural exports while carrying out little substantial export activity. The agency estimates that about ₹1,417.86 crore was collected from 35,759 investors. These figures describe its investigative assessment, rather than losses established by a final court judgment.
The ED alleges that investor money passed through more than 100 bank accounts linked to the businesses, relatives and associates. It says roughly ₹719 crore was deposited in accounts associated with Unique Exports, and questions entries presented as salaries and commodity purchases. The wider collection estimate and the amount traced into those accounts are different figures and should not be added together.
The case follows an FIR registered by the District Crime Branch in Erode. The ED had searched premises connected to the suspects in June and says its investigation remains open. Its statement and the accompanying news reports do not include a response from the two men or announce any conviction or completed recovery for investors.