ED reveals funding channels to Indian NGOs supported by George Soros.
News Mania Desk / Piyal Chatterjee / 2nd April 2025

The Enforcement Directorate has revealed financial dealings connecting billionaire philanthropist George Soros’s Soros Economic Development Fund (SEDF) to NGOs in India, prompting worries about potential breaches of the Foreign Contribution (Regulation) Act and Foreign Direct Investment (FDI) regulations.
Investigators discovered that SEDF, the social impact investment division of the Open Society Institute (OSI), financed three Indian firms—Rootbridge Services Pvt Ltd (RSPL), Rootbridge Academy Pvt Ltd (RAPL), and ASAR Social Impact Advisors Pvt Ltd (ASAR)—disguising it as foreign direct investment (FDI) or consultancy/service fees.
These firms obtained nearly Rs 25 crore from 2020-2021 to 2023-2024, even though OSI has been under the Home Ministry’s scrutiny for “undesirable activities” since May 2016. Since that time, OSI has mandated prior governmental consent to transfer funds to organizations registered under the FCRA in India.
The ED’s investigation revealed that RSPL obtained Rs 18.64 crore from SEDF via Compulsorily Convertible Preference Shares (CCPS), which were appraised at an inflated Rs 2.5-2.6 lakh per share using the Discounted Cash Flow approach. Officials believe this was a “colorable arrangement” to circumvent FCRA limitations, since SEDF cannot directly contribute to NGOs in India without approval from the Home Ministry.
Likewise, RAPL, a firm established in 2019 to offer fundraising services for non-profits, obtained Rs 2.70 crore for “commission agent services” from SEDF. The ED observed that RAPL had not rendered any services in exchange, indicating that it functioned as a channel to bypass FCRA regulations.
Founded in 2016, ASAR focuses on public engagement, research, and capacity building for NGOs, and it obtained Rs 2.91 crore from SEDF as service charges. The ED has identified this as yet another effort to channel concealed donations to Indian NGOs masquerading as payments for service exports.
The ED investigation linked OSI-related investments to Aspada Investment Company (AIC), a Mauritius-based firm that purportedly channeled money into India. The investigation revealed that Aspada Investment Advisors Pvt Ltd (AIAPL), established in Bengaluru in 2013, oversaw and provided guidance on SEDF’s investments in India, totaling more than Rs 300 crore across 12 firms.
Interestingly, the ED has observed that Lightrock Investment Advisors Private Limited (previously Aspada Investment Advisors Private Limited), the authorized advisory firm managing SEDF’s Indian portfolio, was allegedly not notified about these transactions, increasing suspicions.
George Soros has been a divisive figure globally, charged with leveraging his financial resources and charitable efforts to shape political environments and initiate regime shifts via his Open Society Foundations. His organization has faced criticism from several governments for supposedly financing actions that undermine national interests.
In India, Soros has been associated with political and financial scandals, particularly concerning the Adani Group. In 2023, the Organised Crime and Corruption Reporting Project (OCCRP) claimed that the Adani Group utilized transparent Mauritius-based funds for investments in its subsidiaries. Soros’s Open Society Foundations is recognized as a contributor to OCCRP, resulting in claims that he was involved in orchestrating these accusations.