CHENNAI: The Enforcement Directorate (ED) has arrested two men in connection with an alleged ₹1,417.86 crore investment fraud linked to Unique Exports and its associated entities, with the agency alleging that funds collected from thousands of investors were routed through a network of more than 100 bank accounts and disguised as business expenses.
The agency’s investigation has so far found that approximately ₹1,417.86 crore was mobilised from around 35,759 investors. Of this, about ₹719 crore was found deposited in bank accounts of entities linked to Unique Exports. The investor funds were allegedly routed through more than 100 bank accounts held in the names of Unique Exports, associated concerns, family members and close associates. Banking analysis allegedly showed that around ₹390.90 crore was recorded as salary payments, despite only four persons working in the concern. Another ₹79.56 crore was recorded as payments for onion and commodity purchases, although no actual purchase of agricultural goods was found. The investigation found that against an investment of approximately ₹42.10 lakh, he received around ₹12.72 crore as returns, commission, referral benefits and other payments, according to the ED.
Naveen Kumar, Muthuselvam and their associates devised and operated investment schemes named UNI, FNP, FAP and UNR under the banner of Unique Exports, East Valley Agro Firms and other related entities, according to the ED. He controlled the banking operations and movement of investor funds, according to the agency. The ED said these transactions were used to layer and conceal investor funds under the guise of business expenditure.
Investors were allegedly lured with promises of high returns from exports of agricultural commodities. The ED identified Naveen Kumar, proprietor of Unique Exports, as the alleged mastermind behind the investment schemes. Muthuselvam allegedly played a key role in devising and operating the schemes, mobilising investors and routing funds. You Can Also Check: Gold Rate in Chennai | Silver Rate in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai | Chennai AQI | Weather in Chennai | Petrol Price in Chennai | Diesel Price in Chennai | CNG Price in Chennai | LPG Price in Chennai