VIJAYAWADA: The Enforcement Directorate on Thursday seized assets worth `3.19 crore belonging to Karusala Venkat Subba Rao, Tejesh K Kodali and Kadiyala Venkateswara Rao of M/S 3K Technologies Ltd, Hyderabad, under the Foreign Exchange Management Act, 1999.
The seized assets are in the form of 15 immovable properties situated in both Telangana and Andhra Pradesh, according to an official release.
Based on the information received by the Development Commissioner-Visakhapatnam Special Economic Zone that the unit had reported abnormal exports, the ED initiated an investigation and revealed that M/S 3K Technologies Ltd was involved in foreign exchange to the tune of 1,15,32,000 US dollars, which is equivalent to Rs 52,47,02,935 with M/S 3K Technologies Inc, USA in the year 2010, in the guise of Overseas Direct Investment.
The company M/S 3K Technologies Inc. USA was incorporated in the year 2007 and one of the accused Tejesh was the director of the USA company. Later in 2011, 3K Technologies Inc, USA was dissolved within three months after receipt of the final ODI tranche.
During the investigation, it came to notice of the ED that Tejash is currently working in the USA and recently a news article reported his arrest 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. It was also learnt that Tejesh was also convicted for five years prison.