India’s Enforcement Directorate (ED) raided eight locations in Bengaluru linked to George Soros’ Open Society Foundations (OSF) and its economic arm, Soros Economic Development Fund (SEDF), on March 18, 2025, over alleged Foreign Exchange Management Act (FEMA) violations. The ED claims OSF and SEDF funneled approximately ₹300 crore (about $36 million) to Indian NGOs and companies, bypassing 2016 Ministry of Home Affairs restrictions that placed OSF on a “Prior Reference Category” watchlist, requiring approval for funding NGOs. Funds were allegedly routed through subsidiaries like Rootbridge Services, ASAR Social Advisors, and Aspada Investments as FDI or consultancy fees to disguise donations, violating FEMA guidelines. The raids targeted these entities, with investigations ongoing into the end use of funds. The BJP has accused Soros of undermining India’s interests, escalating political tensions. OSF has not yet commented.
