Enforcement Directorate Probes Soros-Backed Foreign Exchange Violations in Bengaluru

The Enforcement Directorate (ED) investigated alleged foreign exchange violations linked to billionaire George Soros' Open Society Foundations (OSF) and its Economic Development Fund (EDF) in Bengaluru. The probe centers around Foreign Direct Investment (FDI) and its utilization in India, potentially contravening FEMA guidelines, involving the OSF and its subsidiaries.

The Enforcement Directorate (ED) on Tuesday initiated searches in Bengaluru in connection with alleged foreign exchange violations involving the private funding agency Open Society Foundations (OSF) and its investment arm, the Economic Development Fund (EDF), founded by billionaire George Soros, according to official sources.

Authorities conducted searches at eight locations associated with beneficiaries from OSF and EDF, including some international human rights organizations, and at Aspada Investments Pvt. Ltd. The searches were carried out under the Foreign Exchange Management Act (FEMA), as noted by the sources.

The investigation focuses on the source and utilization of alleged foreign direct investment (FDI) funneled through the Soros entities, and whether these funds bypassed restrictions in place under FEMA guidelines. The ruling BJP has criticized Soros for his alleged actions against Indian interests.

(With inputs from agencies.)