The Directorate of Enforcement (ED), Bengaluru Zonal Office, has conducted searches at 21 premises linked to Karnataka Public Works Minister Satish Jarkiholi and his close associates across Bengaluru, Belagavi, Gokak and Kolkata.
The searches were carried out on September 9 and 10, 2026, under the provisions of the Foreign Exchange Management Act (FEMA). According to the ED, the operation was aimed at investigating alleged undisclosed overseas investments, cross-border business links and suspected financial irregularities involving the Jarkiholi family.
The searches covered Chikkodi MP Priyanka Jarkiholi, Rahul Jarkiholi and YD Manjunath, who is Satish Jarkiholi’s brother-in-law. Properties belonging to close associates, including his OSD and personal assistant Malagouda Patil, Raju Daragshetti, Vittal Parasannavar and Dr Girish Sonwalkar, were also searched.
The ED also searched the premises of officials and owners of Bharat Vanijya Eastern Private Ltd (BVEPL). The agency alleged that the company had paid a substantial bribe in connection with securing a PWD tender and that the money was allegedly used for acquiring foreign assets.
Foreign mining investments under ED scanner
The ED said the searches revealed that family members of Satish Jarkiholi had acquired shareholdings in multiple foreign entities, including Eldorado Mining Resources in Congo and Nava Aurum Mining Ltd in Zambia.
The agency also said that Satish Jarkiholi had acquired nearly 40% stake in Magnitude Star SARL, Congo, a company involved in gold mining.
Documents relating to other foreign entities owning mining assets in Africa were also found and seized during the searches, the ED said.
₹3.3 crore cash and foreign currency seized
The simultaneous searches at multiple locations, including Satish Jarkiholi’s residences in Gokak and Dollars Colony, Bengaluru, his office-cum-residence on Crescent Road in Bengaluru, and properties in Gokak and Belagavi, resulted in the seizure of unaccounted cash.
According to the ED, ₹3.3 crore in Indian currency and foreign currency, including US dollars and euros, amounting to approximately ₹15 lakh, were seized.
The agency further said that evidence indicated that large amounts of investments and expenses in an entity in Congo were made in cash through an unauthorised channel.
The searches also allegedly uncovered evidence relating to irregularities in the PWD department and documents and digital devices connected to the alleged collection of bribes from contractors, including BVEPL.
The ED said incriminating materials were also found in the entities and accounts of various influential persons, including accounts of an entity controlled and managed by YD Manjunath, Satish Jarkiholi’s brother-in-law.
Further investigation is under progress, the ED said.