New Delhi, March 19 -- The Enforcement Directorate (ED) on Tuesday carried out searches at eight locations in Bengaluru in connection with a foreign exchange violation probe against American billionaire George Soros founded Open Society Foundations and its impact investment arm Soros Economic Development Fund (SEDF), people familiar with the development said.
The searches, for potential foreign exchange violations, were carried out at NGOs and other firms funded by OSF and SEDF, and at Aspada Investments Pvt Ltd, which is the holding company of SEDF. ED said Aspada is the investment advisor/fund manager of SEDF in India and is wholly owned subsidiary of a Mauritius-based entity. P6
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