The Enforcement Directorate (ED) on Tuesday conducted raids in Bengaluru at eight places connected to George Soros' Foundation and its related NGOs under the Foreign Exchange Management Act (FEMA). ED sources indicate that the searches are intended to look into allegations of FEMA offenses against the Soros Economic Development Fund (EDF) and the Open Society Foundation (OSF).
The Soros EDF is the social impact investment program of OSF, an international network of grant-making organizations that assists civil society groups striving to foster justice, education, public health, and independent media.
Hungarian-American billionaire philanthropist George Soros has been critical of India's government, specifically before the Munich Security Conference. His statements have resulted in accusations from the Bharatiya Janata Party (BJP) that Soros is working against India's national interests.
Initial probes conducted by the ED uncovered that OSF, that had been relegated to the Prior Reference Category by the Ministry of Home Affairs (MHA) in 2016, was restricted from offering unregulated contributions to NGOs in India. The reaction was to utilize Foreign Direct Investment (FDI) and consultancy charges for evading the restriction, sending the funds into the NGOs, violating FEMA norms, sources revealed.
The ED is also looking into the use of other FDI funds brought into India by the Soros EDF and OSF. Among the locations being searched is M/s Aspada Investments Pvt Ltd, an investment advisor and fund manager for Soros EDF in India, which is a wholly-owned subsidiary of a Mauritius-based entity.
Besides, the ED is also probing other groups like Amnesty India, which has already been charge-sheeted by the Central Bureau of Investigation (CBI). The ED has also filed a case against Human Rights Watch, which is alleged to have been funded by OSF.
These raids are a part of a continued FEMA investigation, and this includes past action taken against Amnesty India. In 2022, Amnesty India's chief, Aakar Patel, was fined Rs 10 crore, and the NGO was also fined Rs 51.72 crore for an FCRA violation.
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