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Investigators are examining whether Jarkiholi allegedly used his influence to facilitate the licences and whether funds generated through the alleged irregularities were subsequently transferred or invested abroad.

During the earlier investigation into the raids conducted on Manjunath’s properties, the agency reportedly detected cash, gold and foreign currency, with about Rs 3 crore in suspected illegal foreign funds also coming under scrutiny.

Karnataka Chief Minister D K Shivakumar termed the ED searches on properties linked to the minister as “politically motivated”. He also questioned the timing of the searches, which came a day before the Congress government led by him completes 100 days in office.

Asserting that he would stand by Jarkiholi, who he said had done no wrong, the CM said he had cautioned all his ministers and party legislators about possible action by Central agencies against them. He claimed that his government and the party were being “targeted”.