The US Agency for International Development (USAID) is under examination in an ongoing inquiry of hedge fund operator George Soros. ASAR Social Impact Advisors got Rs 8 crore from USAID as a foreign inbound remittance, in addition to funding from the Soros Economic Development Fundread moreThe US Agency for International Development (USAID), which has been criticized by the Trump administration for promoting a “left, liberal, and woke” agenda overseas, has come under scrutiny by the Enforcement Directorate (ED) in connection with an ongoing investigation into hedge fund operator George Soros.The ED, which is investigating three Bengaluru-based companies for allegedly violating the Foreign Exchange Management Act by receiving Rs 25 crore from the Soros Economic Development Fund (SEDF), discovered that one of them, ASAR Social Impact Advisors, also received Rs 8 crore from USAID as a foreign inward remittance in 2022-23.AdvertisementSoros provided funding to the three firms between 2021 and 2024.According to sources, ASAR explained that the USAID funding was a reimbursement for services provided to the Council on Energy, Environment, and Water (CEEW), a Delhi-based public policy think tank that, according to its website, focuses on “understanding global challenges and implications for India’s development.”More from India
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Rising Bharat Summit 2025: AI to be in focus as top Indian leaders discuss country’s futureCEEW’s trustees include Montek Singh Ahluwalia, former deputy chairman of the Planning Commission, and Suresh Prabhu, a minister in the first Modi government.However, ASAR authorities were unable to clarify the nature of the services provided to CEEW or how USAID became involved.According to sources, the other two Bengaluru-based firms that received funding from SEDF are Rootbridge Services Pvt Ltd and Rootbridge Academy Ltd. SEDF is the impact investing arm of Open Society Foundations (OSF), one of Soros’ numerous enterprises.The ED is investigating the rationale and purpose of USAID’s payments. According to sources, the Home Ministry placed Open Society Foundations in the ‘prior reference category’ in 2016 due to “undesirable activities,” requiring it to obtain prior approval from the government before contributing funds to any Indian non-profit organization.With regard to ASAR and the two other Bengaluru-based firms, the ED investigation will also examine whether OSF met the statutory requirements. The government is further investigating Soros’ sponsorship of Indian civil rights groups, think tanks, and other entities under the guise of foreign direct investment.End of Article
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USAID funding under ED scanner over Soros link to Indian firms
