India’s Enforcement Directorate (ED) conducted raids at eight Bengaluru locations as part of a probe into alleged foreign exchange violations involving the Open Society Foundations (OSF), founded by billionaire George Soros, and its investment arm, the Soros Economic Development Fund (SEDF). Authorities claim OSF and SEDF violated India’s Foreign Exchange Management Act (FEMA) by channeling funds into India via foreign direct investment and consultancy payments. These funds were allegedly used to finance NGOs, bypassing restrictions imposed by the Ministry of Home Affairs in 2016, which had placed OSF under the “prior reference category” to limit unregulated foreign donations. Reports indicate that OSF sent nearly $3 billion to over a dozen Indian entities despite not maintaining a physical office in the country.
In a separate development, Soros also drew political scrutiny in the U.S. after his investment firm sought to acquire a major stake in Audacy Inc., which owns over 200 radio stations. The FCC approved this deal shortly before the 2024 presidential election, prompting a Republican-led investigation over concerns of potential politicization and foreign influence. GOP lawmakers, including Rep. James Comer and Rep. Nick Langworthy, criticized the expedited FCC review process, highlighting that Soros Fund Management’s significant foreign ownership raised red flags. FCC Commissioner Brendan Carr briefed Republican lawmakers on the issue, stating that the agency appeared to be creating a “shortcut” for this transaction, bypassing established procedures meant to safeguard against excessive foreign influence in U.S. media.
