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TMI BlogED searches Soros' funding agency, investment arm in Bengaluru to probe FEMA 'violation'X X X X Extracts X X X X X X X X Extracts X X X X ..... ED searches Soros' funding agency, investment arm in Bengaluru to probe FEMA 'violation' X X X X Extracts X X X X X X X X Extracts X X X X ..... ts investment arm EDF, official sources said. Eight premises of the beneficiaries of Open Society Foundations (OSF) and Economic Development Fund (EDF), including those linked to some international human rights bodies, and a company named Aspada Investments Pvt. Ltd. were searched under the Foreign Exchange Management Act (FEMA), the ED sources said. The sources called Aspada as the investment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adviser or fund manager of Soros EDF (SEDF) in India and as a "wholly-owned subsidiary" of a Mauritius entity. The SEDF is the "impact investment arm of the Open Society Foundations", as per its portal. The investigation pertains to alleged foreign direct investment (FDI) of about Rs 350 crore, sent over a time period of more than a decade, being sourced by the two Soros entities and the util ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isation of these funds worth Rs 25 crore by certain beneficiaries in alleged contravention of FEMA guidelines. The ED sources said the initial probe found that OSF was put under the "prior reference category" by the Ministry of Home Affairs (MHA) in 2016, thereby "restricting" it from giving "unregulated" donations to NGOs in India. In order to "bypass" this restriction, OSF had subsidiaries i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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", they said. The agency, the sources said, is "examining" the end use of other FDI funds brought in by Soros EDF and OSF. A response to an email sent by PTI to OSF is awaited. The ruling BJP has accused Soros, a Hungarian-American ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... political activist, of acting against India's interests. His utterances during the Adani-Hindenburg controversy also drew criticism from the party. The BJP had also claimed "links" of Congress party leaders with Soros-backed outfits. According to OSF, it is one of the world's largest private funding agencies of groups supporting human rights, justice and accountable government. Its total expen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... diture for India during 2021 was USD 4,06,000, according to official data. The OSF began working in India in 1999, offering scholarships and fellowships to students to pursue studies and research at Indian institutes. "In 2014, we launched an India-specific grant-making programme, supporting local organisations that work in three areas: extending access to medicine; promoting justice system re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forms; and strengthening and establishing rights, public services, and community living for people with psychosocial disabilities," according to an OSF document. The investigation will also help probe agencies gain insights into another analysis being carried out by them into the funds sent by the United States Agency for International Development (USAID) to India and their end utilisation, offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial sources said. A political controversy erupted recently after the Elon Musk-led DOGE (Department of Government Efficiency) claimed that it had cancelled a USD 21 million grant to India to boost "voter turnout". US President Donald Trump also repeatedly claimed that USAID, under the previous Joe Biden administration, allocated USD 21 million in funding to India for 'voter turnout'. Congre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss general secretary in-charge Jairam Ramesh reacted, saying that "the BJP is a procession of liars and illiterates. The news about USD 21 million, on which the BJP and their bootlickers were jumping on, turned out to be fake. The fund in 2022 was not for 'voter turnout' in India, but for Bangladesh." The Ministry of External affairs last month said relevant departments and authorities were look ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing into the information put out by the US administration regarding certain US activities and funding vis-a-vis India. PTI NES KVK KVK X X X X Extracts X X X X X X X X Extracts X X X X
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