The U.S. Agency for International Development (USAID) is currently under investigation in connection with hedge fund manager George Soros, as part of an ongoing inquiry. ASAR Social Impact Advisors, which received ₹8 crore from USAID as foreign inward remittance, is also funded by the Soros Economic Development Fund (SEDF).
USAID, which has faced criticism from the Trump administration for allegedly promoting a “left, liberal, and woke” agenda abroad, is now under the scrutiny of India’s Enforcement Directorate (ED) due to its association with Soros. The ED is investigating three Bengaluru-based companies, including ASAR Social Impact Advisors, for potential violations of the Foreign Exchange Management Act (FEMA) related to receiving ₹25 crore from Soros’s Economic Development Fund between 2021 and 2024.
ASAR has explained that the funding from USAID was a reimbursement for services provided to the Council on Energy, Environment, and Water (CEEW), a Delhi-based think tank focused on global challenges and their implications for India’s development. According to ASAR, the funding was related to a USAID project aimed at cleaner air, which has already concluded.
CEEW has clarified that it contracted ASAR to work on this project but no longer has any relationship with ASAR. The think tank further emphasized that it has no ties to George Soros or the Open Society Foundations (OSF) and has not received funding from them. CEEW also stated that it has not been contacted by any government authorities regarding ASAR and has no information regarding the ongoing investigation.
ASAR officials, however, could not provide details about the services they rendered to CEEW or clarify how USAID funding was involved. The ED is now investigating the reasons behind the payments made by USAID and whether the Open Society Foundations, which were placed under the “prior reference category” by India’s home ministry in 2016 due to concerns over “undesirable activities,” complied with regulations in contributing funds to Indian non-profits.
In addition to ASAR, two other Bengaluru-based companies, Rootbridge Services Pvt Ltd and Rootbridge Academy Ltd, also received funding from Soros’s SEDF. The ED is now examining whether the required prior approval was obtained for these payments. The investigation also covers Soros’s funding of Indian civil rights organizations, think tanks, and other entities, potentially under the guise of foreign direct investment.
(With inputs from Times Of India)
Subscribe to our channels on Telegram, WhatsApp, and Instagram and get the best stories of the day delivered to you personally.