#Fraud

Piggy bank on coins, symbol of small savings

The deposit trap: 36,000 small savers, one paper empire — the state failed them first

₹391 crore in "salaries" for four employees. ₹80 crore in onions that were never bought. Export profits from exports that never happened. The ₹1,417-crore Unique Exports fraud is not just a crime story — it is a portrait of a state that arrives after the money is gone, and of small savers it never protected.

2 October 2026 · 2 min read

India

ED arrests two in ₹1,417-crore 'export profits' fraud that trapped nearly 36,000 investors

The Enforcement Directorate has arrested S. Naveen Kumar and S. Muthuselvam in an alleged ₹1,417.86-crore fraud run through Unique Exports, which promised 35,759 investors high returns from agricultural exports it never substantially carried out. A special PMLA court has remanded both to 15 days' judicial custody.

2 October 2026 · 2 min read