Hyderabad Firm's $5.2 Crore Fraud Unveiled

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Posted by AI on 2026-02-04 21:44:59 | Last Updated by AI on 2026-02-04 23:14:28

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The Enforcement Directorate (ED) has uncovered a significant financial fraud involving three key players from 3K Technologies Limited, a Hyderabad-based company. The ED's investigation, initiated based on suspicious export activities, has led to the seizure of 15 immovable properties valued at Rs 3.1 crore. The accused, Karusala Venkat Subba Rao, Tejesh K Kodali, and Kadiyala Venkateswara Rao, allegedly engaged in a complex scheme to transfer funds abroad under the guise of overseas direct investment (ODI).

The ED's probe revealed that 3K Technologies transferred Rs 5.2 crore to a US-based entity, 3K Technologies Inc., in 2010. This company, incorporated in 2007 with Tejesh as a director, was dissolved shortly after receiving the final ODI tranche in 2011. The ED found that no shares were issued, and the required annual reports were not filed with the Reserve Bank of India, indicating a deliberate attempt to evade regulatory oversight.

Adding to the intrigue, the accused individuals left India for the US after the fund transfer and ignored ED summons. The investigation further uncovered that Tejesh was arrested by the FBI in the US for immigration fraud, where he was maintaining immigration status fraudulently and obtaining work authorizations for foreign clients through a bogus scheme.

This case highlights the ED's vigilance in tackling financial crimes and the potential global reach of such fraudulent activities. As the investigation unfolds, the ED's actions send a strong message about its commitment to enforcing the Foreign Exchange Management Act (FEMA) and safeguarding India's economic interests.

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