As part of an investigation into foreign exchange violations involving the Open Society Foundations (OSF), which was founded by American billionaire George Soros, and its impact investment arm, the Soros Economic Development Fund (SEDF), India’s Enforcement Directorate (ED) searched eight locations in Bengaluru on Tuesday.

Sources told Indian media the searches were “carried out under the Foreign Exchange Management Act (FEMA) and involve the OSF along with various international human rights organizations,” The Economic Times reported.

The main focus of the investigation is the claim that OSF obtained foreign direct investment (FDI) and that certain recipients embezzled the money against FEMA regulations.

“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,” said one unnamed officer, the Hindustan Times added.

The sources claim that OSF, which is sponsored by Soros, transferred about $3 billion to over a dozen organizations across India.

A “preliminary investigation has revealed 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,” the unnamed officer continued.

“However, in order to bypass this restriction, OSF set up 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”, the officer added.

Although OSF, which was created by Soros, started working in India, the largest democracy in the world, in 1999, according to The Times, the organization does not actually have any offices there.

https://republic-brief.com/george-soros-raided-pays-big-price/