ED Searches 21 Premises Linked to Karnataka Minister Satish Jarkiholi Over Alleged Foreign Investments
The Directorate of Enforcement (ED), Bengaluru Zonal Office, conducted searches at 21 premises across Bengaluru, Belagavi, Gokak and Kolkata on September 9 and 10, 2026, as part of an investigation into suspected financial irregularities and alleged undisclosed overseas investments linked to Karnataka Public Works Minister Satish Jarkiholi and his close associates.
The searches were carried out under the provisions of the Foreign Exchange Management Act (FEMA) to investigate the Jarkiholi family’s alleged overseas investments, cross-border business connections and possible financial irregularities.
According to the ED, the search operation covered properties linked to Chikkodi MP Priyanka Jarkiholi, daughter of Satish Jarkiholi; his son, Rahul Jarkiholi; and his brother-in-law, YD Manjunath. Premises associated with several of the minister’s close associates were also searched, including those linked to his Officer on Special Duty (OSD) and personal assistant, Malagouda Patil, as well as Raju Daragshetti, Vittal Parasannavar and Dr. Girish Sonwalkar.
The investigation also extended to officials and owners of a private company, M/s Bharat Vanijya Eastern Private Ltd (BVEPL). The ED is examining allegations that the company paid a substantial bribe to secure a tender from the Public Works Department (PWD), with the alleged proceeds subsequently being used to acquire foreign assets. The company’s office and the residences of its owners were among the premises covered by the searches.
During the investigation, the ED reportedly found that members of the Jarkiholi family had acquired stakes in several overseas companies involved in mining activities. These reportedly include M/s Eldorado Mining Resources in the Democratic Republic of the Congo and M/s Nava Aurum Mining Ltd in Zambia.
The agency also found that Satish Jarkiholi allegedly acquired an approximately 40% stake in M/s Magnitude Star SARL, a company engaged in gold mining in the Democratic Republic of the Congo.
In addition, documents relating to several other foreign entities holding mining assets in Africa were reportedly recovered and seized during the search operations.
The searches form part of the ED’s ongoing investigation into the suspected overseas financial dealings, alleged bribe payments and foreign asset acquisitions. Further details may emerge as the agency examines the seized documents and records.
News Source : Directorate of Enforcement (ED) – Official Press Release, Government of India
