Karnataka to strengthen industrial ties with Singapore: Minister M B Patil
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Bengaluru (PTI): The Karnataka government is planning to send a delegation to Singapore next year as the Southeast Asian nation offers the state significant potential to deepen industrial and trade linkages, Large and Medium Industries Minister M B Patil said on Wednesday.
Ahead of the visit, an official-level meetings will be held to explore avenues for enhancing bilateral industrial cooperation, he said.
"Among ASEAN nations, Singapore is the largest source of foreign direct investment (FDI) in India, offering Karnataka valuable opportunities to expand industrial and trade partnerships. To make the best use of this potential, a visit to Singapore is planned during the first half of 2026," Patil said in a statement shared by the minister's office.
Patil held discussions with Gan Siow Huang, Singapore's Minister of State for Foreign Affairs, Trade and Industry, at Khanija Bhavan about investment and industrial collaboration between Karnataka and Singapore.
Gan was in Bengaluru to inaugurate the newly established Enterprise Singapore Centre.
Speaking about the meeting, the minister said, "Singapore is globally recognised for its excellence in the aviation sector, particularly in the Maintenance, Repair and Overhaul (MRO) segment. Gan has assured us that Singapore will extend its cooperation to Karnataka in this field."
He further informed her that Karnataka offers excellent investment opportunities in sectors such as information technology, semiconductors, fintech, chip design, and pharmaceuticals.
"Since 2020, Singaporean companies have invested USD 174.88 billion in India, accounting for about 24 per cent of the country's total FDI inflow. Over 9,000 Indian companies are operating in Singapore, while 440 Singaporean firms are active in India," Patil added.
Deputy Chief Minister D K Shivakumar, who also held discussions with the delegation led by Gan said that Singapore has shown keen interest in conducting trade and business activities in Bengaluru.
The discussions focused on technology sharing and the establishment of an industrial park.
"Last year, officials from the Singapore Consulate had visited us. On Thursday, they will be inaugurating their office in Bengaluru. I have proposed that if they agree, we can construct a multi-storey building so that all their offices can function under one roof," Shivakumar said in a statement issued by his office.
The deputy chief minister recalled that he had earlier discussed this idea with representatives of other countries as well but some of them had concerns about security.
"Now, we are making a fresh effort. Many people from different countries are working in Bengaluru and are showing interest in investing here," he added.
Meanwhile, Australian Consul General Hilary McGeachy called on Minister Patil and discussed investment opportunities in Karnataka in sectors such as education, space, biotechnology, advanced manufacturing, aerospace, defence, and green and renewable energy, the statement said.
The minister's office said that Patil also held discussions with Jabez Stuart Adams, President of the Senate of the U S State of Utah, and Jonathan Freedman, President and CEO of the World Trade Center Utah. The discussions focused on potential investment opportunities in Karnataka in the aerospace, defence, and technology sectors.
Speaking after the meeting, the minister said, "Companies from Utah are exploring opportunities in sectors such as manufacturing, life sciences, diagnostics, education, and e-mobility. We briefed Adams and Freedman about Karnataka's industrial policy, infrastructure, incentives, concessions, and single-window clearance system," he stated.
According to Patil, Utah is also a leading hub for fintech. In addition, universities such as the University of Utah, Brigham Young University, and Utah State University are renowned for their higher education. These institutions have expressed interest in either setting up campuses in Karnataka or collaborating with reputed educational institutions in the state.
"All these proposals will be considered positively," the minister added.
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Illegal betting case: ED attaches ₹177 crore assets linked to Congress MLA K.C. Veerendra
Bengaluru: The Enforcement Directorate (ED) on Thursday said it has attached assets worth ₹177.3 crore belonging to Congress MLA K.C. Veerendra, also known as ‘Puppy’, and his associates in connection with an illegal online betting and gambling case, Deccan Herald reported.
According to the ED, the attached properties include immovable assets such as agricultural land and residential sites, along with other movable assets. The agency said these assets are believed to be proceeds of crime generated through illegal online betting and gambling activities.
The ED claimed that its investigation uncovered that Veerendra and his associates were the masterminds behind a nationwide illegal online betting network operating with the same modus operandi.
“The investigation has established that the accused generated substantial proceeds of crime by cheating the public through online betting and impersonation scams. In the scheme, unsuspecting players were induced to stake money on rigged illegal gaming websites, which functioned like online casinos. Their deposits, running into crores of rupees, were collected through payment gateways into designated payment aggregator accounts,” Deccan Herald quoted the agency as saying.
“The victims were initially shown fake winnings to build trust and were later blocked from withdrawing money. The investigation revealed the use of hundreds of mule accounts and multiple payment gateways for laundering the proceeds of crime,” the agency said.
Earlier, the ED carried out search and seizure operations at more than 60 locations across several states, during which large quantities of cash, gold bullion, gold and silver jewellery, vehicles, digital devices and incriminating documents were seized.
The ED also arrested Veerendra under Section 19 of the Prevention of Money Laundering Act (PMLA), and a prosecution complaint has been filed before the Special PMLA court. Based on the evidence gathered, the agency has provisionally attached properties held directly and indirectly by him, which are believed to be linked to money laundering.
“With this, the ED has attached assets worth more than ₹320 crore in the present case under the provisions of the PMLA, 2002. Further, during the course of the investigation, proceeds of crime exceeding ₹2,300 crore have been identified so far, which were generated through illegal online betting and gambling activities and subsequently laundered through multiple layers of transactions,” the agency said.
