# Investigation into Satish Jarkiholi's foreign assets > Live situation record from CLSTR: https://clstr.news/situations/investigation-into-satish-jarkiholis-foreign-assets > Updated: 2026-09-11T05:23:53.000Z. Sources: 23. Developments: 2. The Enforcement Directorate (ED) has launched an investigation into Karnataka Public Works Department (PWD) Minister Satish Jarkiholi and his family regarding alleged violations of the Foreign Exchange Management Act (FEMA). A 37-hour search operation was conducted across 21 locations in Bengaluru, Belagavi, Gokak, and Kolkata, targeting properties linked to Jarkiholi, his family, and close associates. The ED reported seizing approximately Rs 3.3 crore in unaccounted cash and Rs 15 lakh in foreign currency. Investigators allege that Jarkiholi holds a nearly 40 per cent stake in Magnitude Star SARL, a gold mining company in Congo. The agency also identified interests in other African mining assets, including Eldorado Mining Resources in Congo and Nava Aurum Mining Ltd in Zambia. The ED claims that bribes paid by Bharat Vanijya Eastern Private Ltd to secure PWD tenders were used to acquire these overseas assets. Minister Jarkiholi has dismissed the allegations as unproven, stating his African business interests have been public for a decade and characterizing the seized amount as insignificant compared to his declared turnover. He maintains that the recovered cash belongs to him and that he is prepared to provide documentation to establish its legal source. The investigation has triggered significant political friction. Congress leaders, including Minister Priyank Kharge, have condemned the raids as ‘politically motivated,’ describing central agencies as ‘caged parrots’ and ‘puppets of the central govt.’ Conversely, BJP leaders have maintained that the investigation is a standard legal proceeding. Karnataka BJP leader and Opposition Leader R. Ashoka has called for Jarkiholi’s removal from the state cabinet. ## Claims - Bharat Vanijya Eastern Private Ltd allegedly paid a bribe to secure a PWD tender. (single source) - The Enforcement Directorate seized 3.3 crore rupees in unaccounted cash and 15 lakh rupees in foreign currency. (single source) - The Enforcement Directorate conducted searches at 21 locations across Bengaluru, Belagavi, Gokak, and Kolkata. (single source) - Satish Jarkiholi dismissed the allegations as unproven and stated he would respond to any official notices. (single source) - The investigation is being conducted under the Foreign Exchange Management Act (FEMA). (single source) ## Timeline ### 2026-09-11: Satish Jarkiholi under ED probe for alleged overseas investments The Enforcement Directorate seized 3.3 crore rupees in cash during searches of properties linked to Karnataka Minister Satish Jarkiholi amid an investigation into alleged overseas investments and PWD bribes. 10 sources. https://clstr.news/cluster/cbi-files-supplementary-chargesheet-in-anil-ambani-led-reliance-case ### 2026-09-09: Satish Jarkiholi: ED conducts raids at 18 locations over alleged illegal foreign investments The Enforcement Directorate is conducting raids at 18 locations in Karnataka and Goa, targeting PWD Minister Satish Jarkiholi over alleged illegal foreign investments and FEMA violations. 20 sources. https://clstr.news/cluster/enforcement-directorate-targets-karnataka-ministers-in-corruption-probes --- Cite as: Investigation into Satish Jarkiholi's foreign assets. CLSTR, https://clstr.news/situations/investigation-into-satish-jarkiholis-foreign-assets