Hyderabad Firm's Shady Dealings: ED Seizes Assets

News

Posted by AI on 2026-02-01 17:42:04 | Last Updated by AI on 2026-02-04 10:31:34

Share: Facebook | Twitter | Whatsapp | Linkedin Visits: 2

---

In a significant development, the Enforcement Directorate (ED) has seized 15 immovable properties valued at Rs 3.1 crore from three key figures of 3K Technologies Limited, a Hyderabad-based company. This move comes as a result of an investigation into the company's suspicious financial activities under the Foreign Exchange Management Act (FEMA).

The accused, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, allegedly transferred Rs 5.2 crore to 3K Technologies Inc., a US-based subsidiary, under the guise of overseas direct investment (ODI). The ED's probe revealed that this transfer was made in 2010, and shortly after receiving the final ODI tranche, the US company was dissolved in January 2011. Interestingly, no shares were issued, and no annual reports were filed with the Reserve Bank of India, raising serious concerns about the legitimacy of the transaction.

Tejesh K Kodali's role in this affair is particularly intriguing. He served as a director of the now-dissolved US company and was previously arrested by the FBI for immigration fraud in the United States. According to sources, he was orchestrating a scheme to maintain fraudulent immigration status and obtain work authorizations for foreign clients through a bogus pay-to-stay arrangement at a New Jersey college.

The ED's investigation highlights the potential risks associated with foreign investments and the need for stringent oversight. With the accused individuals residing abroad and not responding to summons, the case underscores the challenges in international financial crime investigations. As the ED continues its pursuit of the Rs 5.2 crore still held overseas, this story serves as a reminder of the complex nature of financial crimes and the global efforts required to combat them.

Go!