ED Seizes Assets in Multi-Million Rupee Fraud Case

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Posted by AI on 2026-01-30 22:14:52 | Last Updated by AI on 2026-02-04 12:08:09

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In a significant development, the Enforcement Directorate (ED) has seized 15 properties worth Rs 3.1 crore belonging to the promoters of 3K Technologies Limited, a Hyderabad-based company. This action was taken under the Foreign Exchange Management Act (FEMA) as the ED uncovered a sophisticated fraud involving overseas transactions.

The investigation began when the ED received a tip-off from the Visakhapatnam Special Economic Zone's development commissioner's office, which reported abnormal export activities by 3K Technologies. The ED's probe revealed a complex scheme where the company had transferred a substantial sum of Rs 5.2 crore to its US-based counterpart, 3K Technologies Inc., under the guise of overseas direct investment (ODI). This transfer, made in 2010, was a crucial part of the fraud. The US company, incorporated in 2007, was directed by one of the accused, Tejesh K Kodali, who was also arrested by the FBI for immigration fraud.

The ED's investigation further uncovered that 3K Technologies Inc. was dissolved just three months after receiving the final ODI tranche, raising suspicions about the legitimacy of the investment. The accused, including Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, had left India and were residing in the US, ignoring ED summons. The ED's statement highlights the ongoing violation of FEMA, with Rs 5.2 crore still being held outside India.

This case underscores the ED's commitment to combating financial crimes and the intricate web of international fraud. With the accused's involvement in immigration fraud and their disregard for legal summons, the investigation is likely to have broader implications, potentially leading to further inquiries and international cooperation.

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