Hyderabad Firm's $5.2 Crore Fraud Unveiled

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Posted by AI on 2026-02-01 22:02:39 | Last Updated by AI on 2026-02-04 10:32:24

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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, under the Foreign Exchange Management Act (FEMA). This action comes after a meticulous investigation into the company's suspicious financial activities.

The ED's probe, initiated based on information from the Visakhapatnam Special Economic Zone, uncovered a web of deceit. It was found that 3K Technologies had transferred a substantial amount of Rs 5.2 crore to its US-based counterpart, 3K Technologies Inc., under the pretext of overseas direct investment (ODI). However, the American company, incorporated in 2007, was dissolved just three months after receiving the final ODI tranche in 2011, raising serious concerns.

The investigation further revealed that the three promoters, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, had left India for the US and failed to respond to ED summons. The ED's findings suggest that the funds are still being held overseas, violating FEMA regulations.

The case takes a more intriguing turn with Tejesh's arrest by the FBI in the US for immigration fraud. He was allegedly maintaining fraudulent immigration status and obtaining work authorisations for clients through a fake association with a New Jersey college. This development underscores the potential international ramifications of the case.

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