Hyderabad Firm's $700K Foreign Exchange Fraud Unveiled

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Posted by AI on 2026-01-30 17:21:23 | Last Updated by AI on 2026-02-04 12:12:21

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In a significant development, the Enforcement Directorate (ED) has seized 15 immovable properties worth Rs 3.1 crore belonging to the promoters of 3K Technologies Limited, a Hyderabad-based company. This action, taken under the Foreign Exchange Management Act (FEMA), shines a light on a complex web of financial irregularities and potential immigration fraud.

The ED's investigation began after the office of the development commissioner in Visakhapatnam Special Economic Zone raised suspicions about 3K Technologies' reported abnormal exports. The probe uncovered a startling revelation: the company had transferred a substantial sum of Rs 5.2 crore (approximately $700,000) to its US-based counterpart, 3K Technologies Inc., under the guise of overseas direct investment (ODI). This transfer, made in 2010, raises questions about the legitimacy of the investment and the intentions of the company's promoters.

The three individuals at the center of this case, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, have been identified as the key players. Interestingly, Tejesh, who served as a director of the now-dissolved US company, was previously arrested by the FBI for his alleged involvement in an immigration fraud scheme. The FBI accused him of fraudulently maintaining immigration status and obtaining work authorizations for foreign clients through a bogus pay-to-stay arrangement at a New Jersey college.

As the ED continues its investigation, the focus will be on unraveling the full extent of the financial misconduct and the potential implications for the individuals involved. With the seized assets and the ongoing probe, the ED is sending a clear message about its commitment to enforcing foreign exchange regulations and addressing financial crimes.

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