George Soros: The Enforcement Directorate (ED) conducted raids on eight locations in Bengaluru on Tuesday. The searches targeted three companies linked to the US-based nonprofit Open Society Foundations (OSF). The ED suspects violations of the Foreign Exchange Management Act (FEMA).
George Soros: Focus on Backed Organizations
The ED’s investigation centers on OSF and its investment arm, Soros Economic Development Fund (SEDF). Both organizations are backed by US billionaire George Soros. The probe includes a company named Aspada Investments Pvt Ltd and other entities funded by OSF and SEDF.
George Soros: Suspicious Fund Transfers
According to officials, OSF transferred Rs 25 crore to the targeted companies in recent months. These transactions are considered suspicious. The central agency also identified a money trail of Rs 300 crore transferred by OSF since 2016. The funds were allegedly routed to fictitious firms through the automatic Foreign Direct Investment (FDI) route.
George Soros: Key Companies Under Scrutiny
The searches included premises linked to:
- Rootbridge Services Pvt Ltd in Ashoknagar.
- ASAR Social Advisor Pvt Ltd in Malleswaram.
- An unnamed third company.
Former employees of Amnesty India reportedly chair the boards of directors for some of these companies.
Broader Allegations
Officials allege that SEDF funded over 12 companies in India, amounting to Rs 300 crore. These funds were channeled through automatic FDI routes. Aspada Investments Pvt Ltd, a holding company of SEDF, is also under scrutiny. Aspada is managed by a Mauritius-based entity and serves as an investment advisor for SEDF in India.
Nature of the Probe
The ED initiated the FEMA probe against Soros and his companies recently. Senior officers confirmed that the raids aimed to uncover potential contraventions of FDI rules. “Our teams carried out searches to investigate irregularities in fund utilization and investment patterns,” an official said.
Alleged Links to NGOs
Investigators found a trail linking Rs 25 crore from Soros-backed entities to several NGOs in India. The funds allegedly supported international human rights groups and others. The ED suspects officials misused the money for purposes beyond declared objectives.
Conclusion
The ED’s probe is ongoing, and further details are expected to emerge. The case highlights concerns over foreign funding and its compliance with Indian financial regulations. The agency will likely expand its investigation based on findings from the raids. Such actions reflect heightened scrutiny of foreign organizations operating in India. Get the latest market insights, latest news, and economic updates — visit News Trendzs today!
