ED seizes assets worth Rs 3 crore of 3 executives of Hyderabad-based firm who fled to USA
India Today
The Enforcement Directorate has seized assets worth Rs 3.19 crore belonging to top executives of a Hyderabad-based firm under the Foreign Exchange Management Act (FEMA), officials said.
The Enforcement Directorate has seized assets worth Rs 3.19 crore belonging to top executives of a Hyderabad-based firm under the Foreign Exchange Management Act (FEMA), officials said.
The seized assets, which include 15 immovable properties in Telangana and Andhra Pradesh, belong to Karusala Venkat Subba Rao, Tejesh K Kodali and Kadiyala Venkateswara Rao.
The ED had earlier initiated its 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 ED has alleged that 3K Technologies Limited transferred foreign exchange to the tune of USD 1.15 crore (equivalent to Rs 52.50 core) to USA-based 3K Technologies Inc. in the year 2010 in the guise of Overseas Direct Investment (ODI).
3K Technologies Inc. USA was incorporated on February 23, 2007 and Tejesh K. Kodali was director of the USA company.
“It is gathered that 3K Technologies Inc., USA was dissolved on January 28, 2011 - within 3 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 the transfer of the above funds, Karusala Venkat Subba Rao, Tejesh K. Kodali and Kadiyala 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,” said a statement by ED.
Tejesh K. Kodali, according to officials, is presently working in the USA and recently a news article reported the arrest of Tejesh K. Kodali by the 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.
