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The Enforcement Directorate on Tuesday raided eight locations in Bengaluru said to be linked to Open Society Foundations, an organisation backed by United States billionaire philanthropist George Soros, as part of its investigation into alleged violations of the Foreign Exchange Management Act, reported PTI.
The news agency, citing unidentified sources, reported that the searches were conducted against some alleged beneficiaries of the Open Society Foundations and related entities, including those linked to international human rights bodies.
The case pertains to foreign direct investment allegedly routed to non-government organisations by Open Society Foundations and the utilisation of these funds by certain beneficiaries allegedly in violation of the Foreign Exchange Management Act.
A preliminary investigation by the agency suggests that the Open Society Foundations was placed under the “Prior Reference Category” by the Ministry of Home Affairs in 2016, which barred it from giving unregulated donations to non-government organisations in India.
“In order to bypass this restriction, OSF had subsidiaries in India and brought in funds in the form of FDI [foreign direct investment] and consultancy fees and these funds have been used to fund activities of the NGOs which is a FEMA contravention,” an Enforcement Directorate official said, according to The Indian Express.
The agency is also examining the end use of other foreign direct investment funds brought in by the Soros Economic Development Fund and Open Society Foundations, The Hindu reported.
Among the premises searched by the ED on Tuesday was that of Aspada Investments Private Limited, “which is the investment advisor/fund manager of SEDF in India and is a wholly owned subsidiary of a Mauritius entity”, The Hindu quoted an official as saying.
The BJP has long alleged that Soros, a 94-year-old Hungarian-American, has “designs to weaken Indian democracy” and of acting against India’s interests. His remarks during the Adani-Hindenburg controversy had also drawn criticism from the party.
In February 2023, during a speech ahead of the Munich Security Conference, Soros referenced industrialist Gautam Adani and the selloff in Adani Group stocks following the Hindenburg Research report.
He said Prime Minister Narendra Modi was “no democrat” but the Adani “affair” could “open the door to a democratic revival” in India. He mentioned India after a reference to open and closed societies early in his 40-minute speech.
According to Open Society Foundations, it is one of the world’s largest private funders of groups supporting human rights, justice and accountable government. Official data shows its total expenditure for India in 2021 was $406,000.
The organisation began working in India in 1999 by offering scholarships and fellowships to students pursuing studies and research at Indian institutes.
“In 2014, we launched an India-specific grant-making programme, supporting local organisations that work in three areas: extending access to medicine; promoting justice system reforms; and strengthening and establishing rights, public services, and community living for people with psychosocial disabilities,” the Open Society Foundations has said previously.
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