Bengaluru: The Enforcement Directorate (ED) on Tuesday carried out searches in Bengaluru against individuals and entities allegedly benefiting from the Open Society Foundations (OSF), founded by US billionaire George Soros, as part of a probe into suspected foreign exchange violations, PTI reported.

The searches, conducted under the Foreign Exchange Management Act (FEMA), targeted beneficiaries, including those linked to international human rights organisations, according to the report.

The investigation focuses on alleged foreign direct investment (FDI) inflows from OSF and how these funds were used over suspicion of a breach of FEMA regulations.

The ruling BJP has accused Soros, a Hungarian-American political activist, of acting against India's interests.

His comments during the Adani-Hindenburg controversy also drew sharp criticism from the party.

OSF describes itself as one of the world’s largest private funders of organisations working to advance human rights, justice, and accountable governance.

As per official records, OSF's total expenditure for India in 2021 amounted to $406,000.

The foundation began its operations in India in 1999, offering scholarships and fellowships for students pursuing studies and research at Indian institutions.

“In 2014, we launched an India-specific grant-making programme, supporting local organisations in three areas: expanding access to medicine, advocating justice system reforms, and strengthening rights, public services, and community living for people with psychosocial disabilities,” OSF had stated earlier, the report said.

George Soros’s questionable reputation

George Soros is seen as a controversial figure across the world.
While Soros positions himself as a champion of democracy and open societies through his philanthropic efforts via the Open Society Foundations, his financial activities have often sparked criticism for the very opposite.

Critics also accuse Soros of promoting immigration policies to destabilize countries and of financial speculations that allegedly hurt national economies, such as his infamous bet against the British pound in 1992, which earned him the moniker "the man who broke the Bank of England."

These controversies have fuelled numerous conspiracy theories, often amplifying political divisions. In 1999, economist Paul Krugman was critical of Soros's effect on financial markets:

In India, he has been accused of financing activities against the country’s interest and backing regime changes globally to advance Western interests.