ED raids linked to FEMA, but we have only sought permission to invest abroad: Satish Jarikiholi
Minister Satish Jarkiholi addressed Enforcement Directorate raids on his properties, clarifying that the investigation concerns FEMA compliance regarding proposed foreign investments. He denied any wrongdoing and suggested that opposition leaders are being disproportionately targeted by central agencies.
Why it matters
The story highlights ongoing tensions between political opposition and central investigative agencies regarding financial regulations and potential political bias.
Even as officers of the Enforcement Directorate (ED) concluded searches at premises linked to Public Works Minister Satish Jarkiholi and those of his relatives and associates in Belagavi, he confirmed that they were related to allegations of violations of the Foreign Exchange Management Act (FEMA).
Speaking to presspersons in Bengaluru on Thursday, he said, “ED officers gave us a notice yesterday, and it was about alleged violations of FEMA provisions, not the Prevention of Money Laundering Act (PMLA). I think their focus was on our proposed investments abroad. While they kept claiming that we had already invested, I kept telling them that we have not yet invested. I told them we had definite investment plans and had applied for permissions from various agencies, including the RBI. As we are yet to receive them, our overseas investments have not yet been made,” he said.
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