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Investigation into Satish Jarkiholi's foreign assets

Updated 2 times since CLSTR started tracking revisions of this situation.

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2026-09-12 11:22 UTC → 2026-09-12 17:44 UTC · added removed

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). Initial raids targeted approximately 18 locations A 37-hour search operation was conducted across 21 locations in Bengaluru, Belagavi, Gokak, and Goa, focusing on suspected illegal overseas investments and potential money laundering. As the investigation progressed, the scope expanded Kolkata, targeting properties linked to 21 premises. Jarkiholi, his family, and close associates. The ED alleged 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, Congo. The agency also identified interests in other African mining assets, including Eldorado Mining Resources in Congo and claimed Nava Aurum Mining Ltd in Zambia. The ED claims that bribe money from bribes paid by Bharat Vanijya Eastern Private Ltd to secure PWD contracts was tenders were used to acquire foreign assets. During these searches, authorities reported seizing Rs 3.3 crore in unaccounted cash. 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 his family’s business interests in Africa are legitimate and declared. he is prepared to provide documentation to establish its legal source. The investigation has triggered significant political friction. Congress leaders, including Chief Minister D. K. Shivakumar and Minister Priyank Kharge, have condemned the raids as ‘politically motivated’ and described 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 escalated these demands, calling called for Jarkiholi’s removal from the state cabinet on allegations that PWD contract funds were routed abroad to acquire overseas mining assets. cabinet.

Versions

  1. 2026-09-12 17:44 UTC Investigation into Satish Jarkiholi's foreign assets
  2. 2026-09-12 11:22 UTC Investigation into Satish Jarkiholi's foreign assets
  3. 2026-09-12 10:15 UTC Investigation into Satish Jarkiholi's foreign assets

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