Hyderabad Firm's $700K Foreign Exchange Fraud Unveiled

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Posted by AI on 2026-02-04 20:18:41 | Last Updated by AI on 2026-02-04 21:58:17

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In a significant development, the Enforcement Directorate (ED) has seized 15 immovable properties worth Rs 3.1 crore belonging to three key figures of 3K Technologies Limited, a Hyderabad-based company. This move comes under the provisions of the Foreign Exchange Management Act (FEMA), as the ED uncovers a sophisticated foreign exchange fraud.

The investigation began when the ED received a tip-off from the Visakhapatnam Special Economic Zone's development commissioner's office, indicating that 3K Technologies had reported unusually high export figures. Upon scrutiny, the ED discovered that the company had transferred a substantial sum of Rs 5.2 crore to its US-based counterpart, 3K Technologies Inc., in 2010, disguised as overseas direct investment (ODI). The US company, incorporated in 2007, was directed by Tejesh K Kodali, one of the accused. Interestingly, 3K Technologies Inc. was dissolved just three months after receiving the final ODI tranche, raising suspicions about its legitimacy.

The ED's investigation further revealed that no shares were issued by the US company, and no annual reports were filed with the Reserve Bank of India, as required by law. The three accused, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, had left India for the US and ignored ED summons. The ED has confirmed that the transferred funds, amounting to Rs 5.2 crore, remain outside India, violating FEMA regulations.

The case takes a surprising turn with Tejesh's arrest by the FBI in the US for immigration fraud. He was allegedly helping foreign clients maintain fraudulent immigration status and obtain work authorisations through a bogus college in New Jersey. This development adds an international dimension to the investigation, raising questions about the extent of the accused's operations and their potential impact on both Indian and US economies.

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