Published Sep 11, 2026 | 9:44 PM ⚊ Updated Sep 11, 2026 | 9:44 PM
Enforcement Directorate.
The Enforcement Directorate (ED) has released fresh details regarding its September 9–10 searches at premises linked to Karnataka Public Works Department (PWD) Minister Satish Jarkiholi.
According to the central probe agency, it searched 21 premises across Bengaluru, Belagavi, Gokak and Kolkata as part of an investigation under the Foreign Exchange Management Act (FEMA) into alleged undisclosed overseas investments and financial transactions linked to the minister.
The searches covered premises linked to Jarkiholi, his daughter and Chikkodi MP Priyanka Jarkiholi, son Rahul Jarkiholi, brother-in-law Y.D. Manjunath, and several associates.
The agency said it seized about Rs 3.3 crore in cash and foreign currency worth around Rs 15 lakh, apart from documents and digital devices.
It alleged that records recovered during the searches point to investments by Jarkiholi family members in overseas mining entities, including ventures in Congo and Zambia. The ED specifically claimed that Satish Jarkiholi held nearly 40% stake in Congo-based gold-mining company Magnitude Star SARL, while documents relating to other African mining ventures were also allegedly seized.
The agency also alleged that the minister accepted bribes from Bharat Vanijya Eastern Pvt Ltd (BVEPL) for securing PWD contracts and that parts of the proceeds were routed through entities linked to Y.D. Manjunath and used for overseas investments.
The ED further alleged that large amounts of cash were invested in Congo through unauthorised channels. These are allegations made by the investigating agency and have not been established by a court.
Further investigation is underway.
(Edited by Fayisa CA)
