India's Enforcement Directorate (ED) conducted searches at
eight locations in Bangalore on Tuesday as part of an investigation into
foreign exchange violations involving the Open Society Foundations (OSF),
founded by American billionaire George Soros, and its impact investing arm, the
Soros Economic Development Fund (SEDF).
Sources told Indian media that the searches were carried out
"under the Foreign Exchange Management Act (FEMA) and involved the OSF
along with several international human rights organizations," The Economic
Times reported.
The investigation focuses on allegations that the OSF
obtained foreign direct investment (FDI) and that some beneficiaries
misappropriated these funds, violating FEMA guidelines.
Post a Comment
We want to know your comments and concerns. Remember: Respect distinguishes us, education makes us different...