Hyderabad Firm's $700k Fraudulent Transfer Exposed

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Posted by AI on 2026-02-01 22:25:59 | Last Updated by AI on 2026-02-04 10:28:57

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The Enforcement Directorate (ED) has uncovered a web of fraudulent activities involving three promoters of 3K Technologies Limited, a Hyderabad-based company. In a significant move, the ED has seized 15 immovable properties worth Rs 3.1 crore belonging to Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, the masterminds behind this scheme.

The investigation, initiated based on a tip-off from the Visakhapatnam Special Economic Zone, revealed a sophisticated scam. 3K Technologies had reported suspicious export activities, prompting the ED to delve deeper. The probe exposed a cunning plan where the company transferred a staggering Rs 5.2 crore to its US counterpart, 3K Technologies Inc., under the pretense of overseas direct investment (ODI). This transfer, made in 2010, was just the beginning of the deception.

Tejesh, a key figure in this drama, served as a director of the US-based company, which was incorporated in 2007. However, the real twist came when 3K Technologies Inc. was abruptly dissolved in January 2011, mere months after receiving the final ODI tranche. This swift dissolution raises questions about the intentions behind the company's existence. Adding to the mystery, no shares were issued, and no annual reports were filed with the Reserve Bank of India, leaving a trail of unanswered questions.

The trio's actions have broader implications, with Rs 5.2 crore still held overseas, violating FEMA regulations. Tejesh's involvement in an immigration fraud case in the US further complicates matters, as reported by the FBI. The ED's actions send a clear message: financial crimes will be pursued and prosecuted, ensuring the integrity of India's economic landscape.

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