Bengaluru, September 11 (Daily Kiran) : The Enforcement Directorate (ED) launched a significant operation this week, conducting raids on 21 locations connected to Karnataka’s Public Works Department (PWD) Minister Satish Jarkiholi and his close associates. The searches took place in Bengaluru, Belagavi, Gokak, and Kolkata.
This action stems from an investigation into alleged violations of the Foreign Exchange Management Act (FEMA). Authorities are scrutinizing claims of undeclared foreign investments, cross-border business dealings, and suspected financial irregularities involving the Jarkiholi family.
Among those targeted were Jarkiholi’s daughter, Priyanka Jarkiholi, his son, Rahul Jarkiholi, and his brother-in-law, Y.D. Manjunath. The ED also searched properties linked to various close associates, including his personal assistant, Malagouda Patil, and others.
Additionally, the ED investigated officials from a private company, Bharat Vaniyam Eastern Private Limited (BVEP), accused of offering substantial bribes to secure tenders from the PWD. It is alleged that these funds were utilized to acquire foreign assets.
During the raids, officials examined the offices and residences of BVEP’s owners. Investigations revealed that Jarkiholi’s relatives, including Priyanka and Rahul, had stakes in multiple foreign companies, such as Eldorado Mining Resources in Congo and Nova Oram Mining Limited in Zambia.
The inquiry also uncovered that Satish Jarkiholi holds approximately 40% equity in Magnitude Star SARL, a gold mining firm in Congo. Documents related to other foreign companies owning mining assets in Africa were seized during the operation.
Raids included Jarkiholi’s homes in Gokak and Dollars Colony, as well as his office and residences in Bengaluru. ED officials reported recovering critical evidence linked to violations of FEMA regulations, including ₹3.3 crore in unaccounted Indian cash and ₹15 lakh in foreign currency, including US dollars and euros.
Evidence also pointed to irregularities within the PWD department, with several accounts controlled by influential individuals, including those associated with Jarkiholi’s brother-in-law, Y.D. Manjunath. Digital devices containing incriminating documents related to bribes from contractors like BVEP were also confiscated. The ED has indicated that further investigations and actions related to this case are ongoing.
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