The Enforcement Directorate (ED) on Tuesday conducted searches in Bengaluru as part of a foreign exchange violation probe against alleged beneficiaries of the Open Society Foundations (OSF), a global entity founded by US billionaire George Soros, official sources told news agency PTI.
The raids were carried out under the Foreign Exchange Management Act (FEMA) and targeted entities, including those linked to international human rights organisations.
According to sources, the case revolves around alleged foreign direct investment (FDI) sourced by OSF and its utilisation in violation of FEMA guidelines. Authorities are investigating whether the funds were used in compliance with Indian regulations. A response from OSF on the matter is awaited, PTI reported.
The BJP has repeatedly accused Soros of working against India's interests, particularly in the wake of his statements on the Adani-Hindenburg controversy, which sparked strong criticism from the party. The Hungarian-American investor and political activist has often been a contentious figure in Indian political discourse, with the ruling party alleging that his financial networks seek to influence domestic affairs.
According to official data, OSF, which claims to be one of the world’s largest private funders of human rights, justice, and accountable governance, spent USD 4,06,000 in India in 2021. The organisation first established its presence in the country in 1999, primarily through scholarships and fellowships for students pursuing research at Indian institutes.
In 2014, OSF expanded its operations in India with a grant-making program that supported local organizations working in three key areas—access to medicine, justice system reforms, and strengthening rights, public services, and community living for people with psychosocial disabilities.