ED Raids in Bengaluru Over Foreign Exchange Violations Tied to George Soros-Backed Foundations

On Tuesday, India’s Enforcement Directorate (ED) carried out raids at eight locations across Bengaluru as part of a sweeping investigation into alleged foreign exchange violations involving the Open Society Foundations (OSF), founded by U.S. billionaire George Soros, and its investment arm, the Soros Economic Development Fund (SEDF).

According to The Economic Times, the raids were conducted under the Foreign Exchange Management Act (FEMA), focusing on OSF and several international human rights organizations. Sources revealed that the probe is centered on suspected misuse of foreign direct investment (FDI) routed through these entities.

“Our teams conducted searches to investigate violations in FDI regulations involving OSF and SEDF, examining how the funds were used by various recipients across India,” an official told The Hindustan Times. Preliminary findings suggest that OSF funneled nearly $3 billion into more than a dozen Indian entities.

The investigation also uncovered that OSF has been under the Ministry of Home Affairs’ “prior reference” list since 2016, limiting its ability to freely fund Indian NGOs. However, officials allege that OSF circumvented this restriction by establishing subsidiaries in India and channeling funds through FDI and consultancy payments—actions believed to breach FEMA norms.

Despite its long-standing presence in India since 1999, OSF reportedly has no official offices within the country.

Soros’ U.S. Media Expansion Raises Eyebrows Ahead of 2024 Election

In a parallel development, scrutiny is mounting in the United States over George Soros’ expanding media footprint. In November, the Federal Communications Commission (FCC), under the Biden administration, fast-tracked approval for Soros to acquire a major stake in more than 200 radio stations via Audacy Inc., a move raising concerns about media influence ahead of the 2024 presidential election.

According to Fox News, the acquisition, valued at $415 million through a Chapter 11 reorganization deal, is under investigation by the House Oversight Committee. Lawmakers, including Chairman James Comer (R-Ky.) and Rep. Nick Langworthy (R-N.Y.), have criticized the FCC for bypassing standard procedures and fear the move could lead to partisan manipulation of public discourse.

Republican FCC Commissioner Brendan Carr also voiced alarm, accusing the agency of setting a dangerous precedent by creating a shortcut for approving transactions involving more than 25% foreign ownership—a threshold surpassed by Soros Fund Management.

Carr recently briefed 175 members of the Republican Study Committee, emphasizing the need for safeguards against potential foreign influence through U.S. media. The growing scrutiny highlights broader concerns about media control and political influence in the run-up to the 2024 election.