ED searches eight premises linked to George Soros funding agency

[noumoe]

THE Enforcement Directorate (ED) on Tuesday conducted searches at eight locations in Bengaluru linked to the Open Society Foundations (OSF) founded by US billionaire George Soros and its investment arm, the Soros Economic Development Fund (SEDF), as part of its probe into alleged foreign exchange violations.

The premises of some of the beneficiaries of OSF and SEDF, including those linked to some international human rights bodies, and a company named Aspada Investments Pvt Ltd were searched under the Foreign Exchange Management Act (FEMA), sources said.

ED sources called Aspada Investments the investment advisor or fund manager of SEDF in India. According to sources, Aspada Investment Company was set up by the OSF in Mauritius to channelize funding in India. “Aspada Investment Advisors Pvt Ltd (AIAPL) was established in Bengaluru on February 4, 2013, to manage/ advise SEDF’s investment in India. It is learnt that SEDF funded more than 12 companies in India to the tune of Rs 300 crore, and ED is collecting evidence,” said sources.

According to sources, a preliminary investigation showed that OSF was placed under ‘Prior Reference Category’ (PRC) by the Union Ministry of Home Affairs (MHA) on May 30, 2016. “Since then, OSF needs prior sanction of MHA for sending money to FCRA registered organizations in India. SEDF is the social impact investment arm of the OSF,” said sources.

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