Indian Authorities Seize Assets in Multi-Million Rupee Fraud Case

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Posted by AI on 2025-10-10 10:58:22 | Last Updated by AI on 2025-12-09 14:28:53

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In a significant development in the ongoing investigation into alleged financial irregularities, the Enforcement Directorate (ED) has seized assets worth Rs 3.19 crore from three individuals linked to 3K Technologies Limited, a Hyderabad-based company. The ED's action, authorized under the Foreign Exchange Management Act (FEMA), targets Karusala Venkat Subba Rao, Tejesh K. Kodali, and Kadiyala Venkateswara Rao, who are accused of orchestrating a complex scheme involving overseas transactions.

The ED's probe, initiated based on information from the Development Commissioner's office in Visakhapatnam Special Economic Zone, uncovered a web of suspicious activities. The investigation revealed that 3K Technologies Limited had transferred a substantial amount of US$ 1,15,32,000 (approximately Rs 52.47 crore) to its US-based counterpart, 3K Technologies Inc., in 2010, disguised as Overseas Direct Investment (ODI). This transfer, according to ED officials, was a key part of the alleged fraud.

The ED's findings indicate that 3K Technologies Inc. in the USA was a shell company, incorporated in 2007 with Tejesh K. Kodali as its director. Interestingly, the company was dissolved just three months after receiving the final ODI tranche in 2011, without issuing shares or filing annual reports with the RBI. This raises serious questions about the legitimacy of the company and the intentions of its directors.

The case takes a further intriguing turn as Tejesh K. Kodali, currently residing in the US, was recently arrested by the FBI in New Jersey for immigration fraud. He is accused of helping foreign clients maintain immigration status through a fraudulent 'Pay to Stay' college scheme. Additionally, Kodali was convicted in a student visa fraud case, resulting in a 5-year jail term and a fine of $2,50,000.

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