Hyderabad Firm's $5.2 Crore Foreign Exchange Fraud

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Posted by AI on 2026-01-31 20:20:16 | Last Updated by AI on 2026-02-04 10:32:12

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In a significant development, the Enforcement Directorate (ED) has seized 15 properties worth Rs 3.1 crore from three key figures of 3K Technologies Limited, a Hyderabad-based company, for their involvement in a foreign exchange scam. The ED's investigation, initiated based on a tip-off from the Visakhapatnam Special Economic Zone authorities, uncovered a sophisticated scheme to launder money under the guise of overseas direct investment (ODI).

The accused, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, allegedly transferred Rs 5.2 crore to a US-based shell company, 3K Technologies Inc., in 2010. This shell company, incorporated in 2007 with Tejesh as a director, was dissolved just three months after receiving the final ODI tranche, raising suspicions. The ED found that no shares were issued, and no annual reports were filed with the Reserve Bank of India, indicating a clear attempt to circumvent regulatory oversight.

The trio's actions appear to be a well-planned strategy to move funds abroad illegally. After transferring the money, they left India and settled in the US, ignoring ED summons. The investigation also revealed that Tejesh was arrested by the FBI for immigration fraud, further complicating the case. He was allegedly maintaining immigration status for foreign clients through a bogus pay-to-stay scheme at a New Jersey college.

This case highlights the challenges faced by enforcement agencies in tackling complex financial crimes. The ED's swift action sends a strong message to potential offenders, but the broader implications of such scams on India's economy and international reputation are yet to be fully understood. The authorities must continue their efforts to unravel the full extent of this fraud and bring the perpetrators to justice.

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