ED conducts searches at entities linked to George Soros in Bengaluru

Bengaluru: The Enforcement Directorate (ED) on Tuesday conducted searches against alleged beneficiaries of the Open Society Foundations (OSF), founded by US billionaire George Soros, and certain linked entities in Bengaluru as part of a foreign exchange "violation" probe, official sources said.

The searches, conducted under the Foreign Exchange Management Act (FEMA), targeted premises linked to beneficiaries, including some associated with international human rights organizations, sources added. The investigation pertains to alleged foreign direct investment (FDI) received from OSF and its purported utilization by certain beneficiaries in violation of FEMA guidelines.

A response from OSF regarding the investigation is awaited.

The ruling Bharatiya Janata Party (BJP) has previously accused Soros, a Hungarian-American political activist, of acting against India’s interests. His remarks during the Adani-Hindenburg controversy also drew sharp criticism from the party.

OSF describes itself as one of the world’s largest private funders of initiatives supporting human rights, justice, and accountable governance. Official data shows that its total expenditure in India for 2021 was USD 406,000.

The foundation began operations in India in 1999, initially offering scholarships and fellowships for students pursuing studies and research at Indian institutes. In 2014, it launched an India-specific grant-making program, supporting local organizations in areas such as access to medicine, justice system reforms, and strengthening rights, public services, and community living for individuals with psychosocial disabilities.

With PTI inputs