Hyderabad: The Enforcement Directorate officials have seized assets worth Rs 3.19 crore from Karusala Venkat Subba Rao, Tejesh K. Kodali and Kadiyala Venkateswara Rao of 3K Technologies Limited, Hyderabad, under Foreign Exchange Management Act (FEMA), 1999.
The seized assets were in the form of 15 immovable properties situated in Telangana and Andhra Pradesh. The ED officials have initiated investigation on the basis of information received from the office of Development Commissioner, Visakhapatnam Special Economic Zone, that the unit had reported abnormal exports.
The investigation revealed that 3K Technologies Limited transferred foreign exchange to the tune of US$1,15,32,000 equivalent to Rs 52,47,02,935 to 3K Technologies Inc., USA in the year 2010 under the guise of Overseas Direct Investment (ODI). 3K Technologies Inc. USA was incorporated on February 23, 2007 and Tejesh K. Kodali was also director of the US company.
"It is gathered that 3K Technologies Inc., USA was dissolved on January 28, 2011 within three months after receipt of the final ODI tranche. No shares were issued by the US Company and no annual Reports were filed with the RBI. After transfer of funds, Karusala Venkat Subba Rao, Tejesh K. Kodali and Kadiyala Venkateswara Rao left India and are residing in the US and are not responding to the lawful summons of ED and the funds are still being held outside India in contravention of section 4 of FEMA, 1999," the ED official said.
During the investigation, it was also gathered that Tejash K. Kodali is presently working in the US and recently a news article reported arrest of Tejesh K. Kodali by FBI in New Jersey for orchestrating an immigration fraud. He was charged with fraudulently maintaining immigration status and obtain work authorisations for foreign clients through a bogus ‘Pay to Stay’ New Jersey College. It is also learnt that Tejesh Kodali was also convicted to five years prison and $2,50,000 fine in a student visa fraud case....