Bengaluru, September 2026 : Enforcement Directorate (ED) searches at the residences, offices and properties linked to Karnataka Public Works Department Minister Satish Jarkiholi ended on Thursday after nearly 37 hours, with the minister saying the cash recovered during the operation belonged to him and that he would submit documents to establish its source.
The ED had launched searches at 18 locations connected with Jarkiholi in Bengaluru, Belagavi and other places from 6 a.m. on Wednesday. The searches were part of an investigation into alleged violations of the Foreign Exchange Management Act (FEMA) and suspected illegal investments abroad.
Properties belonging to Jarkiholi's family members, close associates and other individuals linked to him were also covered during the operation. ED officials remained at several premises until Thursday evening, examining documents and other materials gathered as part of the investigation.
Around Rs 3 crore in cash was allegedly recovered from Jarkiholi's residence in Belagavi. Officials also reportedly seized or took away certain documents and other material from his Bengaluru residence for further examination.
After the searches concluded, Jarkiholi addressed the media at his official residence in Bengaluru. He said he was unable to understand the reason for the ED action but maintained that he was prepared to cooperate with the agency and respond to its queries.
“We will give proper answers to the questions asked by the ED officials. We have told them that the cash found during the searches belongs to us,” Jarkiholi said.
The minister said documents relating to the cash would be submitted to the ED to establish its source. He also confirmed that the agency had taken away cash and certain documents from his properties during the search.
According to Jarkiholi, the ED's questioning primarily focused on alleged investments abroad and possible violations under FEMA. He said the agency had raised questions about foreign investments, to which he responded that they were only at the stage of making investments.
“They have said that we have made investments abroad. We have told them that we are at the stage of making investments,” he said.
Jarkiholi also questioned why the agency had conducted searches instead of first issuing a notice seeking information. He suggested that the action could have a political dimension, while stressing that he could not determine the precise reason for the searches.
“I cannot find out the reason for the ED raid. There may be a political reason, or it may have come from their own sources. They could have issued a notice and sought information,” he said.
The Karnataka minister further alleged that several individuals involved in what he described as much larger activities had not been subjected to similar action, while his properties were targeted.
“There are many very big people who do such things. Leaving them aside and coming to us is a matter for discussion,” he said.
Jarkiholi repeatedly described the ED operation as a “search” rather than a raid and said he had no intention of obstructing the investigation. He maintained that he would provide the agency with all information and documents required during the course of the inquiry.
“This is not an ED raid, it is only a search,” he said.
On the cash recovered from his Belagavi residence, Jarkiholi said he would claim the money in accordance with the law and provide supporting documentation to the authorities.
“There is a smell of politics behind this. We have said that the cash found belongs to us. I will claim it according to the law,” he said.
The minister also alleged that Congress leaders were being targeted by central investigative agencies and questioned why similar action had not been taken against leaders of the BJP. He said Congress leaders had anticipated that such action could take place.
“We knew that our party leaders would be targeted, but the ED came to me first. The fact that there have been no raids on BJP leaders is a question,” Jarkiholi said.
At the same time, Jarkiholi said he would not claim that he had never committed any minor mistakes. He expressed confidence that the ED would conduct a fair investigation and said he was ready to provide explanations wherever required.
“I may have made small mistakes; I will not say that I have not. I have faith that the ED officials will conduct a fair investigation,” he said.
Referring to the recent case involving former Karnataka minister B. Nagendra, Jarkiholi remarked, “Nagendra happened, and now it is our turn.”
He also voiced concern over whether the investigation could have a community-related dimension, saying there was apprehension among people that members of a particular community were being targeted.
Jarkiholi said he would attempt to meet Chief Minister D.K. Shivakumar on Friday, if possible, to discuss the developments.
The ED investigation is focused on alleged foreign investments and possible violations of FEMA. The agency's searches are part of the ongoing inquiry, and the allegations under investigation have not been established as wrongdoing against Jarkiholi. The minister has said he will cooperate with the probe and provide documents supporting his claims regarding the recovered cash and proposed foreign investments.
