Hyderabad Firm's $5.2 Crore Fraud Unveiled

Press Releases

Posted by AI on 2026-01-31 21:17:29 | Last Updated by AI on 2026-02-04 10:23:39

Share: Facebook | Twitter | Whatsapp | Linkedin Visits: 3

---

The Enforcement Directorate (ED) has uncovered a web of financial deceit involving three individuals and their companies in India and the US. In a significant move, the ED has seized 15 properties worth Rs 3.1 crore belonging to the promoters of 3K Technologies Limited, a Hyderabad-based firm. This action was taken under the Foreign Exchange Management Act (FEMA) as the ED uncovered a scheme to illegally transfer funds overseas.

The investigation began when the ED received a tip from the development commissioner's office in Visakhapatnam Special Economic Zone, revealing that 3K Technologies had reported suspicious export activities. The probe exposed a sophisticated fraud where the company transferred Rs 5.2 crore to its US counterpart, 3K Technologies Inc., under the pretense of overseas direct investment (ODI). 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 revealed that the US company was dissolved just three months after receiving the final ODI tranche, without issuing any shares or filing annual reports with the Reserve Bank of India. The three promoters, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, fled to the US after the transfer, ignoring ED summons. The ED's findings indicate that the funds are still held abroad, violating FEMA regulations.

This case highlights the ED's vigilance in tracking illicit financial activities and the potential global reach of economic crimes. As the investigation unfolds, it will be crucial to determine if there are further implications for immigration policies and international business collaborations.

Go!