The Enforcement Directorate is conducting searches at premises linked to American billionaire George Soros-funded Open Society Foundation and related premises for allegedly violating Foreign Exchange Management Act (FEMA) regulations. The searches are being conducted at the premises of the organisation in Bengaluru.
According to reports, the premises linked to OSF and some international human rights organisations are being searched for allegedly violating foreign exchange norms. The probe reportedly pertains to Foreign Direct Investments (FDI) received by the foundation and its utilisation by certain beneficiaries, violating FEMA guidelines.
The searches at premises related to Soros come amid the visit of US intelligence chief Tulsi Gabbard to India. The Open Society Foundation funded by Soros began its operations in India in 1999. Soros, a Hungarian-American political activist, has been accused by the Bharatiya Janata Party-led Centre of acting against India’s interests. BJP leaders had accused Soros of trying to topple the Indian government and interfere in national affairs.
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Soros, a Hungarian-American political activist, was presented with the Presidential Medal of Freedom by former US president Joe Biden. BJP’s criticism against Soros came to the fore following a report by Hindenburg in 2023, accusing Indian business tycoon Gautam Adani of improperly using tax havens. The report also flagged concerns about high debt levels at Adani firms. Similarly, the Organised Crime and Corruption Reporting Project (OCCRP), an organisation funded by Soros’ OSF, alleged that the Adani Group used opaque Mauritius-based funds to channel investments into its companies.
Elon Musk, a close aide of US President Donald Trump, had slammed the Biden administration for presenting Soros with the US' highest civilian award. “A travesty that Biden is giving Soros the Medal of Freedom," Musk had tweeted then.
