Karnataka Minister Satish Jarkiholi Faces ED Action as Rs 3.3 Crore Cash and Foreign Currency Seized
The Enforcement Directorate conducted searches at 21 locations in connection with an alleged illegal foreign investment case under FEMA.
BENGALURU: Karnataka Public Works Department Minister Satish Jarkiholi and several members of his family and associates have come under increased scrutiny after the Enforcement Directorate conducted searches at multiple locations in connection with an alleged illegal foreign investment case.
The searches were carried out under the Foreign Exchange Management Act. According to sources, the agency seized cash amounting to Rs 3.3 crore along with US dollars and euros worth around Rs 15 lakh.
ED teams reportedly carried out searches on September 9 and 10 at premises linked to Satish Jarkiholi, his daughter and Chikkodi MP Priyanka Jarkiholi, his son Rahul Jarkiholi and his brother in law YD Manjunath.
The agency also searched properties and offices linked to several close associates and officials, including Mallagouda Patil, Raju Darg Shetty, Vitthal Prasnur and Dr Girish Sonwalkar.
According to ED officials, the investigation has brought to light information regarding alleged investments made by the minister’s children and close relatives in companies based in African countries.
The companies reportedly include Eldorado Mining Resources in the Democratic Republic of Congo and Nova Aurum Mining Limited in Zambia, where members of the family are said to hold shares.
The investigation has also reportedly found that Satish Jarkiholi holds an approximately 40 percent stake in Magnitude Star, a company involved in gold mining activities in Congo.
During the searches, the ED also recovered and seized several documents reportedly related to mining operations and other assets in Africa.
The agency is continuing its investigation into the alleged foreign investments and financial transactions. Further details are expected to emerge as the probe progresses.