Karnataka CID filed Chargesheet against BJP MLA Ramesh Jarkiholi in Rs.439 Crore Bank Fraud Case
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The Karnataka Crime Investigation Department (CID) has filed a chargesheet in a Bengaluru court against BJP MLA and former minister Ramesh Jarkiholi, along with others, for allegedly cheating Karnataka Cooperative Apex Bank and several district cooperative banks. The total amount involved, including the loan principal and interest, is around ₹439 crore.
How the Case Started
In January last year, the General Manager of Karnataka Cooperative Apex Bank filed a police complaint. He alleged that Soubhagya Laxmi Sugars Ltd, a company based in Gokak and chaired by Ramesh Jarkiholi, along with two directors — Vasant V Patil and Shankar A Pawade — borrowed ₹232 crore from the bank and other lenders. These loans were taken between July 2013 and March 2017.
However, the complaint stated that the company did not follow the conditions of the loan agreement. One important condition was that the company’s board of directors could not be changed until the loan was fully repaid. Despite this, the accused reportedly appointed new people to the board, which the bank believes was done with the intention to cheat.
Court Proceedings and Chargesheet
After the police complaint, Jarkiholi and the others approached the Karnataka High Court to try and get the FIR (First Information Report) cancelled. However, the High Court rejected their request. Following this, the CID continued its investigation and filed a detailed chargesheet on April 22.
Repayment and Further Investigation
Interestingly, before the chargesheet was filed, Ramesh Jarkiholi repaid ₹120 crore to the bank. The CID confirmed that the bank informed them about this repayment. However, officials said that their investigation is still ongoing, and they plan to file a supplementary chargesheet once they complete the remaining inquiries.
