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ED Raids Places Linked to Soros-Backed Body
Hindustan Times Bengaluru
|March 19, 2025
ED Found Money Trail of ₹25 Crore From Soros' Companies to Several NGOs in India, Officials Said
NEW DELHI: The Enforcement Directorate (ED) on Tuesday carried out searches at eight locations in Bengaluru in connection with a foreign exchange violation probe against American billionaire George Soros-founded Open Society Foundations and its impact investment arm Soros Economic Development Fund (SEDF), people familiar with the development said.
The searches, for potential violations of the Foreign Exchange Management Act or FEMA, were carried out at NGOs and other firms funded by OSF and SEDF, and at Aspada Investments Private Limited, which is the holding company of SEDF. ED said Aspada is the investment advisor/fund manager of SEDF in India and is a wholly owned subsidiary of a Mauritius-based entity.
The agency found a money trail of ₹25 crore from Soros' companies to several NGOs in India, officials said, adding funds worth ₹300 crore sent by OSF through its subsidiaries through automatic FDI route are under the scanner. It is learnt that SEDF funded more than 12 companies in India to the tune of ₹300 crore.
This story is from the March 19, 2025 edition of Hindustan Times Bengaluru.
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