ED searches 21 premises linked to Satish Jarkiholi over foreign investments probe
The Enforcement Directorate (ED) has searched 21 premises linked to Karnataka Public Works Minister Satish Jarkiholi, his family members and close associates across Bengaluru, Belagavi, Gokak and Kolkata in a probe into alleged undisclosed overseas investments, cross-border business dealings and financial irregularities, officials said.
The searches, conducted on September 9 and 10 under the Foreign Exchange Management Act (FEMA), resulted in the seizure of unaccounted Indian and foreign currency worth about Rs 3.45 crore, the agency said.
The operation covered properties linked to Jarkiholi, his daughter and Chikkodi Congress MP Priyanka Jarkiholi, his son Rahul Jarkiholi and his brother-in-law YD Manjunath.
Premises associated with the minister's Officer on Special Duty (OSD) and personal assistant Malagouda Patil, Raju Daragshetti, Vittal Parasannavar and Dr Girish Sonwalkar were also searched.
The ED said its investigation indicated that members of the Jarkiholi family had acquired stakes in several overseas entities.
According to the agency, Priyanka Jarkiholi, Rahul Jarkiholi and Mahadevi Manjunath, the minister's sister and wife of YD Manjunath, had shareholdings in Eldorado Mining Resources in Congo and Nava Aurum Mining Ltd in Zambia.
The agency further alleged that Satish Jarkiholi held nearly 40 per cent in Magnitude Star SARL, a Congo-based gold mining company.
Documents concerning other foreign companies holding mining interests in Africa were also recovered and seized during the searches, it said.
A private company, Bharat Vanijya Eastern Private Limited (BVEPL), was also covered in the operation.
The ED alleged that the company had paid a substantial bribe to secure a PWD tender and that the funds were subsequently used for acquiring foreign assets.
The agency said searches of the company's offices and the residences of its owners yielded documents and digital material relevant to the probe.
The ED said it seized Rs 3.3 crore in unaccounted Indian currency and foreign currencies, including US dollars and euros, worth around Rs 15 lakh.
It also claimed to have found evidence suggesting that large cash investments and expenses were made in an entity in Congo through unauthorised channels.
According to the agency, the searches also produced material concerning alleged irregularities in the PWD and the collection of bribes from contractors.
Digital devices and financial records linked to various influential individuals and entities, including one controlled by YD Manjunath, were also seized.JARKIHOLI RESPONDS TO ED RAIDS
Jarkiholi, while responding to the searches, said the ED action was primarily focused on foreign investments and that he would cooperate with the investigation.
"We may have made some minor mistakes. I cannot say that everyone is 100 per cent correct. Even if we have made mistakes, there are many others who have committed more serious mistakes than us. But the CBI, the ED or income-tax authorities do not look in that direction," he said.
Karnataka Chief Minister DK Shivakumar dismissed the ED action as "nothing but politics".
Jarkiholi has said he would submit the documents sought by the agency and seek the return of the seized cash after establishing its ownership through the legal process.
The investigation is now expected to focus on the alleged overseas investments, sources of funds, foreign shareholdings and suspected PWD-related transactions. Further notices or action will depend on the evidence examined by the ED and the responses submitted by Jarkiholi and the other persons under investigation.- EndsWith PTI inputsPublished By: Vivek Published On: Sep 11, 2026 22:10 IST
