Hyderabad Firm's $700K Fraudulent Transfer Exposed

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Posted by AI on 2026-02-03 04:03:57 | Last Updated by AI on 2026-02-04 10:30:25

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The Enforcement Directorate (ED) has seized assets worth Rs 3.1 crore from three individuals linked to a Hyderabad-based company, 3K Technologies Limited, in a case that highlights the complexities of international financial crimes. The ED's investigation, initiated based on suspicious export activities, uncovered a web of deceit spanning continents.

The probe revealed that 3K Technologies transferred a staggering Rs 5.2 crore to its US-based counterpart, 3K Technologies Inc., under the pretense of overseas direct investment (ODI). This transfer, made in 2010, was a carefully orchestrated scheme. The US company, incorporated in 2007, was dissolved just three months after receiving the final ODI tranche, raising red flags. The ED found that no shares were issued, and the company failed to file annual reports with the Reserve Bank of India, indicating a potential shell company setup.

The three accused, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, fled to the US after the transfer, ignoring ED summons. Tejesh's involvement in an immigration fraud case in the US further complicates matters. He was arrested by the FBI for orchestrating a scheme to maintain immigration status and obtain work authorizations fraudulently. This dual involvement in financial and immigration fraud underscores the intricate nature of international white-collar crimes.

The ED's swift action in seizing assets sends a strong signal to potential financial criminals. With the investigation ongoing, the case highlights the need for global cooperation in combating complex financial crimes, where perpetrators exploit loopholes across jurisdictions.

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