ED Seizes Assets in Multi-Million Rupee Fraud Case

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Posted by AI on 2026-02-02 03:58:11 | Last Updated by AI on 2026-02-04 10:30:25

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In a significant move, the Enforcement Directorate (ED) has seized 15 properties worth Rs 3.1 crore from three individuals linked to 3K Technologies Limited in Hyderabad. This action, taken under the Foreign Exchange Management Act (FEMA), shines a spotlight on a complex web of alleged financial misconduct. The ED's investigation, sparked by suspicious export activities, uncovered a scheme where 3K Technologies transferred a substantial sum of Rs 5.2 crore to its US-based counterpart, 3K Technologies Inc., under the guise of overseas direct investment (ODI).

The three individuals, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, are at the center of this investigation. Tejesh, who served as a director of the now-dissolved US company, was previously arrested by the FBI for immigration fraud. The ED's probe revealed that the funds were transferred in 2010, and shortly after the final ODI tranche, 3K Technologies Inc. was dissolved, raising questions about the legitimacy of the investment. The absence of share issuance and annual reports with the Reserve Bank of India further adds to the mystery.

The accused trio's departure from India and their residence in the US, coupled with their non-response to ED summons, has complicated the matter. The ED's assertion that Rs 5.2 crore remains held overseas in violation of FEMA underscores the seriousness of the situation. The case takes a fascinating turn with Tejesh's involvement in immigration fraud in the US, where he allegedly maintained fraudulent immigration status and obtained work authorizations for clients through a bogus college arrangement.

This intricate case, spanning international borders, highlights the ED's commitment to unravelling complex financial crimes. As the investigation unfolds, the public awaits further revelations and the legal consequences for those involved.

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