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Satish Jarkiholi under ED probe for alleged overseas investments
The Enforcement Directorate (ED) has conducted extensive searches at 21 locations linked to Karnataka Public Works Department (PWD) Minister Satish Jarkiholi and his associates. The operations, carried out in Bengaluru, Belagavi, Gokak, and Kolkata under the Foreign Exchange Management Act (FEMA), resulted in the seizure of 3.3 crore rupees in unaccounted cash and approximately 15 lakh rupees in foreign currency.
The investigation focuses on alleged undisclosed overseas investments and financial irregularities. The ED claims Jarkiholi holds a nearly 40 percent stake in Magnitude Star SARL, a gold mining company based in Congo. Additionally, the agency is examining allegations that Bharat Vanijya Eastern Private Ltd paid bribes to secure PWD tenders, with the funds potentially used to acquire foreign assets in Africa, including companies in Congo and Zambia.
Minister Jarkiholi has dismissed the allegations as unproven and stated that the recovered cash belongs to him. He expressed readiness to cooperate with the investigation and provide necessary documentation to defend himself against the claims.
Entities
Anil Ambani · Bank of Maharashtra · Bengaluru · Central Bureau of Investigation · Congress · Enforcement Directorate · Karnataka · Karnataka Public Works Department · Magnitude Star SARL · Priyank Kharge · R. Ashoka · Reliance ADA Group
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The Enforcement Directorate conducted searches at 21 locations across Bengaluru, Belagavi, Gokak, and Kolkata. www.siasat.com
- [○ 1 SOURCE] The investigation is being conducted under the Foreign Exchange Management Act (FEMA). www.siasat.com
- [○ 1 SOURCE] The Enforcement Directorate seized 3.3 crore rupees in unaccounted cash and 15 lakh rupees in foreign currency. www.siasat.com
- [○ 1 SOURCE] Bharat Vanijya Eastern Private Ltd allegedly paid a bribe to secure a PWD tender. www.siasat.com
- [○ 1 SOURCE] Satish Jarkiholi dismissed the allegations as unproven and stated he would respond to any official notices. yespunjab.com