I wish it was that easy to stop Soros' evil influence in the US.
The Enforcement Directorate (ED) on Tuesday, March 18, conducted raids at eight locations in Bengaluru on Tuesday, March 18, targeting three companies allegedly linked to American-Hungarian billionaire George Soros’ Open Society Foundations (OSF).
The ED raided Rootbridge Services Pvt Ltd in Ashoknagar, ASAR Social Advisor Pvt Ltd in Malleswaram, and a third unnamed company, Deccan Herald reported. The companies were raided in connection with alleged violations of the Foreign Exchange Management Act.
Preliminary investigation by ED found that OSF was put under Prior Reference Category by the Union Ministry of Home Affairs in 2016, the ED said in a media statement. Once an entity is placed in the Prior Reference Category, the MHA would have to approve any funds transferred to India by the entity.
“In order to bypass this restriction, OSF had subsidiaries in India and brought in funds in the form of FDI and consultancy fees and these funds have been used to fund activities of the NGOs which is a FEMA contravention,” the ED said.
ED is also examining the end use of other FDI funds brought in by Soros Economic Development Fund (SEDF) and OSF.
The ED also searched Aspada Investments Pvt Ltd which is the investment advisor of SEDF in India, and is a wholly owned subsidiary of a Mauritius-based entity, the ED said.
I wish it was that easy to stop Soros' evil influence in the US.
The ED raided Rootbridge Services Pvt Ltd in Ashoknagar, ASAR Social Advisor Pvt Ltd in Malleswaram, and a third unnamed company, Deccan Herald reported. The companies were raided in connection with alleged violations of the Foreign Exchange Management Act.
Preliminary investigation by ED found that OSF was put under Prior Reference Category by the Union Ministry of Home Affairs in 2016, the ED said in a media statement. Once an entity is placed in the Prior Reference Category, the MHA would have to approve any funds transferred to India by the entity.
“In order to bypass this restriction, OSF had subsidiaries in India and brought in funds in the form of FDI and consultancy fees and these funds have been used to fund activities of the NGOs which is a FEMA contravention,” the ED said.
ED is also examining the end use of other FDI funds brought in by Soros Economic Development Fund (SEDF) and OSF.
The ED also searched Aspada Investments Pvt Ltd which is the investment advisor of SEDF in India, and is a wholly owned subsidiary of a Mauritius-based entity, the ED said.