India Raids Soros' Open Society Foundation Offices

The Enforcement Directorate (ED) conducted extensive searches at eight locations in Bengaluru, India linked to US billionaire George Soros' Open Society Foundations (OSF) and associated entities on March 18, 2025.

The raids, carried out under the Foreign Exchange Management Act (FEMA), targeted alleged violations of foreign funding regulations and has uncovered approximately $2.9 million routed to various NGOs through what officials describe as "suspicious arrangements."

Investigation Details and Findings

The ED investigation centers on alleged violations of foreign direct investment (FDI) rules by OSF and its social impact investment arm, Soros Economic Development Fund (SEDF). Officials indicate the probe uncovered financial trails suggesting funds were channeled to bypass legal provisions governing foreign contributions to Indian organizations.

"Our teams carried out raids at eight locations on Tuesday in Bengaluru to investigate contraventions in foreign direct investment rules by SEDF and OSF in investments in various entities/individuals in India and subsequent utilization of those funds," an unnamed ED officer told the press.

The searches revealed that three Indian companies—Rootbridge Services Pvt Ltd (RSPL), Rootbridge Academy Pvt Ltd (RAPL), and ASAR Social Impact Advisors Pvt Ltd (ASAR)—received approximately $2.9 million from SEDF between 2020-21 and 2023-24. Additionally, funds worth $34.8 million sent by OSF through its subsidiaries via automatic FDI routes are now under scrutiny.

Alleged Regulatory Evasion

Investigators claim OSF has been on the Home Ministry's "Prior Reference Category" (PRC) watchlist since 2016, requiring prior government approval to send funds to FCRA-registered organizations in India. The ED alleges that to circumvent these restrictions, "the OSF had subsidiaries in India and brought in funds in the form of FDI and consultancy fees, and these funds have been used to fund activities of the NGOs, which is a FEMA contravention".

According to officials, RAPL received Rs $313,000 from SEDF as "commission agent services" without rendering any actual services, suggesting it acted as an agent for SEDF to bypass FCRA provisions. Similarly, ASAR received $334,950 as "service fees," which investigators suspect were disguised donations meant for NGOs.

Targets of the Searches

The ED searches focused on several entities, including:

• Open Society Foundations offices

• Soros Economic Development Fund-linked organizations

• Aspada Investments Pvt Ltd, described as the investment advisor/fund manager for SEDF in India

• Premises of former employees of Amnesty International, whose India operations shut down in 2020 after government froze its bank accounts over alleged illegal foreign funding

• Current employees of Human Rights Watch (HRW)

Both Amnesty and HRW reportedly received funds from OSF in the past. The CBI has filed charges against Amnesty, while the ED has filed a complaint against HRW.

OSF's Operations in India

OSF began working in India in 1999, initially offering scholarships and fellowships to students pursuing research at Indian institutions. In 2014, it expanded with a grant-making program supporting local organizations working in areas including access to medicine, justice system reforms, and strengthening rights for people with psychosocial disabilities.

According to official data, OSF spent USD 406,000 in India in 2021. On its website, OSF claims to be "one of the world's largest private funders of human rights, justice and accountable government," with an annual budget exceeding USD 1 billion in 2020.

However, since 2016, OSF states that "our grant making in India has been constrained by government restrictions on our funding for local NGOs". Notably, despite its activities in India, officials familiar with the organization said OSF doesn't maintain any physical office in the country.

Political Context

The raids come amid heightened political tensions surrounding Soros's activities in India. The ruling Bharatiya Janata Party (BJP) has repeatedly accused Soros of working against India's interests.

These accusations intensified after February 2023, when Soros claimed that Prime Minister Narendra Modi and business tycoon Gautam Adani were "close allies" whose fates were intertwined—statements made in the wake of the Adani-Hindenburg controversy.

In December 2024, BJP leaders linked former Congress president Sonia Gandhi and her son Rahul Gandhi with Soros, alleging they were part of a "triangle" with Soros and the Organized Crime and Corruption Reporting Project (OCCRP) aimed at destabilizing India.