ED raids Bengaluru locations linked to George Soros’ funding network

The Enforcement Directorate (ED) conducted searches at eight locations in Bengaluru on Tuesday, targeting entities associated with the Open Society Foundations (OSF) and its investment wing, the Soros Economic Development Fund (SEDF). The investigation focuses on alleged violations of the Foreign Exchange Management Act (FEMA).

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Authorities raided premises linked to OSF beneficiaries, including international human rights organizations and Aspada Investments Pvt Ltd. Established in Mauritius, Aspada Investment Company reportedly facilitated funding flows into the country.

According to initial findings, SEDF has funded over 12 companies in India, with investments amounting to approximately ₹300 crore. The ED is gathering evidence on the end use of these funds. Additionally, it was revealed that OSF has been under the Union Ministry of Home Affairs’ (MHA) ‘Prior Reference Category’ since 2016, requiring government clearance for funding Foreign Contribution Regulation Act (FCRA)-registered organizations.

Officials allege that OSF circumvented restrictions by channeling funds through subsidiaries in India under the guise of Foreign Direct Investment (FDI) and consultancy fees. Three Indian companies reportedly received around ₹25 crore between 2020-21 and 2023-24.

OSF, a global philanthropic organization, supports initiatives promoting human rights and governance. However, the ruling BJP has previously accused George Soros of interfering in India's affairs, linking him to efforts aimed at destabilizing the country.