ED Raids on Locations Linked to American Billionaire George Soros

ED officials raid locations linked to George Soros in India over alleged financial irregularities

The Enforcement Directorate (ED) has conducted raids on locations linked to American billionaire George Soros. The investigation pertains to two of Soros’ entities allegedly receiving Foreign Direct Investment (FDI) and some beneficiaries purportedly violating FEMA (Foreign Exchange Management Act) guidelines in utilizing these funds.

According to ED sources, preliminary investigations revealed that the Open Society Foundations (OSF) was placed under the “prior reference category” by the Ministry of Home Affairs in 2016, restricting it from “unregulated donations” to non-governmental organizations (NGOs) in India. Officials stated that to bypass this restriction, OSF established subsidiaries in India and brought funds under the guise of foreign investment and consultancy fees. These funds were allegedly used to finance NGO activities, which violated FEMA regulations.

Sources further revealed that the agency is also investigating the ultimate use of other funds brought in through FDI by Soros’ EDF and OSF. The ruling Bharatiya Janata Party (BJP) has accused George Soros of working against India’s interests, criticizing his statements during the Adani-Hindenburg controversy.

According to OSF, it is one of the world’s largest private funding agencies supporting human rights, justice, and accountable governance. Official data indicates that its total expenditure for India in 2021 was $406,000. OSF began operations in India in 1999, providing scholarships and fellowships for students to study and conduct research in Indian institutions.