The Enforcement Directorate on Thursday said that it seized assets worth ₹3.19 crore of Karusala Venkat Subba Rao, Tejesh K. Kodali and Kadiyala Venkateswara Rao of 3K Technologies Limited, under Foreign Exchange Management Act (FEMA), 1999.
The sized assets are in the form of 15 immovable properties situated in the two Telugu States.
The ED said that action was taken after information was received from the office of the Development Commissioner, Visakhapatnam Special Economic Zone.
The ED said that its investigation revealed that the company transferred foreign exchange to the tune of $ 1.15 crore to 3K Technologies Inc, USA., in 2010 on the pretext of Overseas Direct Investment. The company in USA was established in 2007 and Tejesh Kodali was its director, the ED stated. The company was dissolved in January 2011 after receiving the final tranche, the ED said.
The trio have moved to the USA and have not been responding to summons, the ED stated.
