TrendingVideosIndia
Opinions | CommentEditorialsThe MiddleLetters to the EditorReflections
Sports
State | Himachal PradeshPunjabJammu & KashmirHaryanaChhattisgarhMadhya PradeshRajasthanUttarakhandUttar Pradesh
City | ChandigarhAmritsarJalandharLudhianaDelhiPatialaBathindaShaharnama
World | United StatesPakistan
Diaspora
Features | Time CapsuleSpectrumIn-DepthTravelFood
Business | My MoneyAutoZone
UPSC | Exam ScheduleExam Mentor
Don't Miss
Advertisement

ED raids 8 premises of George Soros' entities in Bangalore

These funds have been used to finance the activities of NGOs, which is a FEMA contravention, ED sources said
Advertisement

The Directorate of Enforcement (ED) is conducting searches under FEMA, 1999, at eight premises in Bangalore to investigate FEMA contraventions by US billionaire George Soros's EDF and Open Society Foundation.

Advertisement

Preliminary investigation by the ED has revealed that Soros's OSF was placed under the Prior Reference Category by the Union Home Ministry in 2016, thereby restricting it from giving unregulated donations to NGOs in India.

Advertisement

In order to bypass this restriction, OSF established subsidiaries in India and brought in funds in the form of FDI and consultancy fees.

These funds have been used to finance the activities of NGOs, which is a FEMA contravention, ED sources said.

The anti-money laundering agency is also examining the end use of other FDI funds brought in by Soros's EDF and OSF.

Advertisement

Meanwhile, ED searches also include a search of M/s Aspada Investments Pvt Ltd, which is the investment advisor and fund manager of SEDF in India and is a wholly owned subsidiary of a Mauritius entity.

Advertisement
Show comments
Advertisement