Hyderabad: ED seizes assets worth Rs 3.19 cr
Hyderabad: The Enforcement Directorate (ED) has seized assets worth Rs 3.19 crore of Karusala Venkat Subba Rao, Tejesh K. Kodali and Kadiyala Venkateswara Rao of 3K Technologies Limited, Hyderabad, under Foreign Exchange Management Act (FEMA)-1999. The sized assets are in the form of 15 immovable properties in Telangana and Andhra Pradesh.
The ED 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. It’s 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 2010 in the guise of Overseas Direct Investment (ODI).
An ED press release said that 3K Technologies Inc. USA was incorporated on February 23, 2007 and Tejesh was also director of the USA 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 RBI.
After transfer of above funds, Subba Rao, Tejesh and Venkateswara Rao left India and are residing in USA and are not responding to the lawful summons of ED and the above funds are still being held outside India in contravention of Section 4 of FEMA, 1999.
During the investigation, it is also gathered that Tejesh is presently working in USA and recently a news article reported arrest of Tejesh by FBI in New Jersey for orchestrating an immigration fraud wherein to fraudulently maintain immigration status and obtain work authorizations for foreign clients through a bogus ‘Pay to Stay’ New Jersey College.
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