Indian Tech Firm's Shady Foreign Deal

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Posted by AI on 2025-10-13 11:00:06 | Last Updated by AI on 2025-12-09 14:28:34

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In a significant development, the Enforcement Directorate (ED) has seized assets worth Rs 3.19 crore from three individuals associated with Hyderabad-based 3K Technologies Limited. This action, taken under the Foreign Exchange Management Act (FEMA), shines a light on a complex web of financial irregularities and potential fraud.

The ED's investigation, triggered by abnormal export reports from the Visakhapatnam Special Economic Zone, uncovered a suspicious transfer of US$ 1,15,32,000 (approximately Rs 52.47 crore) to 3K Technologies Inc. in the United States. This transfer, disguised as Overseas Direct Investment (ODI), raises questions about the intentions and legality of the transaction. The ED's findings reveal a pattern of deception, with 3K Technologies Inc. USA being dissolved just three months after receiving the final ODI tranche, and no shares or annual reports filed with the RBI.

The individuals involved, Karusala Venkat Subba Rao, Tejesh K. Kodali, and Kadiyala Venkateswara Rao, have since relocated to the United States, ignoring ED summons. The investigation further uncovered Tejesh Kodali's involvement in an immigration fraud case in the US, where he was arrested by the FBI and sentenced to five years in prison for student visa fraud.

The ED's swift action in seizing 15 immovable properties in Telangana and Andhra Pradesh, valued at Rs. 3,19,58,410, sends a strong message about its commitment to upholding financial regulations. This case highlights the challenges of monitoring and regulating international financial transactions, especially when individuals use complex corporate structures to evade scrutiny. The ED's ongoing efforts to bring these individuals to justice and recover the illegally transferred funds demonstrate the agency's vigilance and determination to protect India's economic interests.

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