Hyderabad Firm's $700K Fraudulent Investment Unveiled

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Posted by AI on 2026-01-30 20:10:39 | Last Updated by AI on 2026-02-04 12:01:06

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The Enforcement Directorate (ED) has uncovered a web of fraudulent activities involving three promoters of 3K Technologies Limited, a Hyderabad-based company. The ED's investigation, initiated in response to suspicious export activities, has led to the seizure of 15 immovable properties worth Rs 3.1 crore belonging to the accused.

The trio, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, allegedly transferred Rs 5.2 crore to a US-based entity, 3K Technologies Inc., under the pretense of overseas direct investment (ODI). This transfer, made in 2010, was a strategic move by the promoters, who seemingly had a well-crafted plan. 3K Technologies Inc. was incorporated in the US in 2007, with Tejesh as a director. However, the company was dissolved just three months after receiving the final ODI tranche, raising suspicions about the legitimacy of the investment.

The ED's investigation revealed a series of irregularities. No shares were issued by the US company, and there was a conspicuous absence of annual reports filed with the Reserve Bank of India. In a calculated move, the three promoters left India for the US after the fund transfer, ignoring ED summons. The ED's findings suggest that the Rs 5.2 crore is still being held abroad, in violation of the Foreign Exchange Management Act (FEMA).

The case took a surprising turn when Tejesh was arrested by the FBI in New Jersey for an unrelated immigration fraud scheme. This development underscores the complexity of the situation and the potential international implications of the investigation.

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