India’s ED Raids George Soros–Linked Entities in FEMA Probe
In a significant enforcement action, India’s Enforcement Directorate (ED) conducted raids at eight locations in Bengaluru on March 18, 2025. These sites are linked to George Soros’ Open Society Foundations (OSF) and its investment arm, the Soros Economic Development Fund (SEDF). The investigation targets alleged contraventions under the Foreign Exchange Management Act (FEMA).
What ED Is Investigating
The ED’s preliminary findings suggest that since 2016, OSF had been categorized under India’s “Prior Reference Category”—meaning any funding for Indian NGOs required prior approval from the Ministry of Home Affairs. To allegedly circumvent these restrictions, OSF and SEDF are believed to have funneled funds into the country via subsidiaries, disguising them as FDI or consultancy fees, which were then distributed to various NGOs.
Entities Under Scrutiny
The probe includes at least three Indian firms—Rootbridge Services Pvt Ltd, Rootbridge Academy Pvt Ltd, and ASAR Social…
