36,000 investors duped in Rs 1,417 crore fraud scam, ED arrests 2

The Enforcement Directorate (ED) arrested two key operatives in connection with an alleged money laundering scam worth Rs 1,417.86 crore involving nearly 36,000 investors across India. The accused allegedly floated fraudulent investment schemes under names such as 'UNI', 'FNP', 'FAP', and 'UNR' through entities like Unique Exports and East Valley Agro Firms. Investors were lured with promises of high returns purportedly generated from agricultural export profits. However, investigators revealed that the firms conducted virtually no substantial export business, operating instead as a financial trap.

According to the ED, the alleged mastermind operated banking operations and controlled fund movements, while the second arrested individual played a key role in designing the schemes and recruiting investors. Financial analysis showed that more than Rs 719 crore was deposited into accounts linked to Unique Exports, with funds subsequently routed through over 100 bank accounts belonging to associated firms, family members, and close associates. The accused allegedly used fake salary payments and fictitious agricultural purchases to mask illicit transfers as legitimate business expenses.

The investigation began following an FIR registered by the District Crime Branch in Erode under money laundering provisions and the Tamil Nadu Protection of Interests of Depositors Act. The ED initiated searches at nine linked premises, leading to the arrest of the two operatives under the Prevention of Money Laundering Act. Both individuals were produced before a Special PMLA Court and remanded to judicial custody, while authorities continue to trace assets and investigate the broader network.

Not yet reported: The articles do not specify the final court outcome or the total value of assets successfully recovered by the authorities.