The Enforcement Directorate (ED) has uncovered financial transactions linking billionaire George Soros’ Soros Economic Development Fund (SEDF) to the NGO sector in India, raising concerns over possible violations of the Foreign Contribution (Regulation) Act (FCRA) and Foreign Direct Investment (FDI) norms.
Investigators found that SEDF, the social impact investment arm of the Open Society Institute (OSI), provided funds to three Indian companies, Rootbridge Services Pvt Ltd (RSPL), Rootbridge Academy Pvt Ltd (RAPL), and ASAR Social Impact Advisors Pvt Ltd (ASAR) under the pretext of foreign direct investment or consultancy/service fees. These companies collectively received approximately Rs 25 crore between 2020-2021 and 2023-2024, despite OSI being under Home Ministry scrutiny since May 2016 for “undesirable activities.”
Since then, OSI has required prior government approval to send funds to FCRA-registered organisations in India.
According to the ED, RSPL alone received Rs 18.64 crore from SEDF through Compulsorily Convertible Preference Shares (CCPS), valued at an inflated Rs 2.5-2.6 lakh per share based on the Discounted Cash Flow method. Authorities suspect this was a “colourable arrangement” to bypass FCRA restrictions, as SEDF is barred from directly donating to NGOs in India without Home Ministry approval. Similarly, RAPL, a company incorporated in 2019 to provide fundraising services for non-profits, received Rs 2.70 crore as “commission agent services” from SEDF. However, the ED found that RAPL had not actually provided any services, suggesting it acted as a conduit to circumvent FCRA regulations.
ASAR, engaged in public engagement, research, and capacity building for NGOs, received Rs 2.91 crore from SEDF as service fees. The ED flagged this as another attempt to funnel disguised donations to Indian NGOs under the guise of payments for service exports. The ED probe traced OSI-linked investments to Aspada Investment Company (AIC), a Mauritius-based entity that allegedly funneled funds into India. Aspada Investment Advisors Pvt Ltd (AIAPL), incorporated in Bengaluru in 2013, managed and advised SEDF’s investments in India, which amounted to over Rs 300 crore across 12 companies. Notably, Lightrock Investment Advisors Private Limited (formerly AIAPL), the official investment advisory firm overseeing SEDF’s Indian portfolio, was reportedly not informed about these transactions, raising further suspicions.
George Soros has been a controversial figure worldwide, accused of using his wealth to influence political landscapes and regime changes through his Open Society Foundations. His foundation has faced criticism from multiple governments for allegedly funding activities that disrupt national interests. In a significant development on 2nd of December last year, the French newspaper, ‘Mediapart’ in its investigative piece has drawn some shocking revelations against the Organised Crime and Corruption Reporting Project (OCCRP). Mediapart revealed that OCCRP which claims itself of being an independent body has hidden ties with the United States and the organisation has a good hold upon the funding from the US Department of State and the US Agency for International Development (USAID).
Mediapart uncovered that nearly half of OCCRP’s funding comes from US institutions like the Department of State and USAID. These agencies have been instrumental in OCCRP’s creation, with initial support from the US Bureau of International Narcotics and Law Enforcement Affairs. It noted “While the OCCRP presents itself as being totally independent, its management have placed it in a position of structural dependence upon the US government, as revealed in this investigation,” Since its inception, OCCRP has received $47 million from the US, alongside $14 million from European governments and $1.1 million from the European Union. Moreover, Washington reportedly retains veto power over key personnel appointments, further emphasizing OCCRP’s structural dependence.
Despite disclosing partial US funding on its website, Mediapart highlighted that OCCRP conceals the extent and conditions attached to this support. The organization avoids critical reporting on the US government, focusing instead on adversarial states like Russia, Venezuela, and Cyprus, aligning closely with American foreign policy interests. For instance, OCCRP received $173,324 from the Department of State to investigate alleged corruption in Venezuela, a nation often at odds with Washington.
The Organized Crime and Corruption Reporting Project (OCCRP), founded by Drew Sullivan in 2007 in Sarajevo, began as a network focused on investigating corruption and organized crime in the Balkans. Over the years, it has grown into a global investigative journalism powerhouse, often described as the largest of its kind. Supported by international funding, including the Open Society Foundation established by George Soros, OCCRP has recently shifted its focus to India, particularly its energy sector.
The Adani Group, which has been a prominent player in India’s infrastructure and green energy industries, has been the center of OCCRP’s attention. Organised Crime and Corruption Reporting Project (OCCRP), last year on 4th September had published a hit piece on the Adani Group titled “Secret Paper Trail Reveals Hidden Adani Investors” in collaboration with the Financial Times and The Guardian, a day before the Supreme court hearing on the Hindenburg report against the Adani Group.
It also came out with an article against the Adani Group in 2024. These articles were quoted by the opposition leaders like Congress and Mahua Moitra to use OCCRP’s reports to criticize the BJP government. Funded by organizations like George Soros’s Open Society Foundations, these articles were dismissed by the Supreme Court of India as unreliable third-party claims lacking proper verification. Gautam Adani has accused OCCRP of orchestrating a coordinated campaign against the company, aligning with international narratives that undermine India’s economic interests.
USAID, a key OCCRP funder, has a history of political interference in nations like Bangladesh, Nicaragua, and Venezuela. Reports reveal its involvement in regime change operations under the guise of democracy promotion. Leaked documents show USAID’s partnerships with NGOs and media to influence internal politics, blending humanitarian aid with political motives. Adani has strongly defended itself, accusing OCCRP and its backers, including Soros, of orchestrating a coordinated campaign against the group. The Supreme Court of India, while addressing the allegations, cautioned against treating such reports as definitive evidence.
The Organised Crime and Corruption Reporting Project (OCCRP) strong links with the United States and its sudden change of focus towards the Indian market raises eyebrows regarding the big conspiracy of the deep state against India. There are speculations of foreign powers conspiring against India to destabilize the state. The world saw what unfolded in Bangladesh, and a similar strategy may be at play in India, by making the people lose trust upon the Central Government.
Also on the 8th of October last year, Prime Minister Narendra Modi accused the Indian National Congress of conspiring internationally to undermine India’s economy and democracy. PM Modi indicated that there are foreign powers who are trying to conspire against India. He said “For some time now, many conspiracies are being hatched against India. Many conspiracies are being hatched to weaken India’s democracy and social fabric. International conspiracies are being hatched. National parties like Congress and their allies are involved in this game.” The last ED revelation has made the speculations regarding George Soros intruding into Indian affairs true.
