Hyderabad Promoters' Assets Seized in FEMA Probe

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Posted by AI on 2026-01-31 09:20:27 | Last Updated by AI on 2026-02-04 10:32:25

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In a significant development, the Enforcement Directorate (ED) has seized 15 immovable properties worth a staggering Rs 3.1 crore from three key figures of 3K Technologies Limited, a Hyderabad-based company. This move comes as part of an investigation under the Foreign Exchange Management Act (FEMA), shedding light on potential financial irregularities. The accused, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, have found themselves at the center of this ED probe.

The investigation was triggered by a tip-off from the Visakhapatnam Special Economic Zone's development commissioner's office, which reported abnormal export activities by 3K Technologies. ED's subsequent inquiry unveiled a complex web of transactions. It was discovered that 3K Technologies 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 revelation raises questions about the legitimacy of the company's financial dealings.

The ED's investigation further uncovered that Tejesh K Kodali, one of the accused, held a directorial position in the now-dissolved US company, 3K Technologies Inc. The timing of the company's dissolution, just three months after receiving the final ODI tranche, adds a layer of intrigue to the case. The accused's failure to respond to ED summons and their subsequent departure from India have complicated matters, with Rs 5.2 crore still held overseas, allegedly in violation of FEMA regulations.

The case took an unexpected turn when Tejesh K Kodali was arrested by the FBI in the US for immigration fraud. This development underscores the international reach of the investigation and the potential for further revelations. As the ED continues its probe, the public awaits further updates on this intricate financial saga, which has already led to significant asset seizures and may have broader implications for corporate governance and international financial regulations.

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