The Enforcement Directorate has arrested S. Naveen Kumar and S. Muthuselvan on charges of running a Rs 1,417.86-crore investment fraud through export-themed schemes, officials said on Thursday.

The two were arrested on September 29 under the Prevention of Money Laundering Act. A special PMLA court has remanded them to 15 days of judicial custody.

According to the ED, the accused operated schemes through Unique Exports, East Valley Agro Farms and related entities, promising investors high returns from agricultural product exports. Investigators found that these entities had not carried out any substantial export business.

The agency said Rs 719 crore was deposited in bank accounts linked to Unique Exports, with funds routed through more than 100 accounts held in the names of the firm, family members and associates.

Banking records allegedly showed Rs 390.90 crore falsely recorded as salary payments, although only four people worked in the concern. Another Rs 79.56 crore was recorded as onion and commodity purchases that never happened.

The case began with an FIR filed by the Tamil Nadu Police’s District Crime Branch in Erode. Around 35,759 investors had put in money, the ED said.