The Enforcement Directorate (ED) has revealed that a Bengaluru-based firm named ASAR Social Impact Advisors has received a whopping ₹8 crores from the controversial US Agency for International Development (USAID) between 2022 and 2023.
According to a report by The Times of India, the matter came to light when the central agency was investigating funds totalling ₹25 crores routed from Soros Economic Development Fund to 3 companies in Bengaluru between 2021 and 2024.
ED has been probing the matter for potential violations of the Foreign Exchange Management Act (FEMA). ASAR Social Impact Advisors has reportedly justified USAID funding as ‘remittance’ for services provided to a think tank named ‘Council on Energy, Environment and Water’ (CEEW).
⚡️🇮🇳 ED found that Bengaluru-based ASAR Social Impact Advisors received $935k from 🇺🇸USAID in 2022-23.
— Sputnik India (@Sputnik_India) April 2, 2025
They claim it was reimbursement for services to a Delhi think-tank focused on “understanding global challenges and implications for India development.” https://t.co/GGrKNk81QD pic.twitter.com/9dMKFwF69a
The Times of India reported that CEEW, in the meantime, have denied connections to George Soros or his Open Society Foundations (OSF). “
“ASAR Social Impact Advisors was contracted by CEEW to provide specific services for a USAID project related to cleaner air. This project has come to an end and does not exist anymore. CEEW is not related to ASAR any longer. CEEW has not received any queries or been subject to any investigation by any authority. We are committed to cooperating fully with any legitimate inquiries,”CEEW claimed.
The Enforcement Directorate is investigating the purpose behind the payments made by USAID. Coincidentally, the CEO of ASAR Social Impact Advisors, Vinuta Gopal, was seen endorsing the toolkit gang.
So this Asar Social Impact Advisors Pvt Ltd has received 82,197 USD from SOROS ECONOMIC DEVELOPMENT FUND.
— Vijay Patel (@vijaygajera) February 19, 2021
Just check out one of it's director's tweets!
You will understand about toolkit and all! pic.twitter.com/uj8fAVz8mi
The Background of the Controversy
On 8th March, the Enforcement Directorate (ED) raided 8 locations in Bengaluru linked with beneficiary entities of the Open Society Foundation (OSF), owned by far-left billionaire George Soros.
The entities whose premises were searched by the ED included some international human rights bodies and a company named Aspada Investments Pvt Ltd. Aspada Investments Pvt Ltd was reportedly set up by the OSF in Mauritius to channelise funds in India. It was set up in Bengaluru on February 4, 2013, to manage OSF’s investment in India.
The Soros Economic Development Fund (SEDF) transferred around ₹25 core between 2020-21 and 2023-24 to three Indian companies in violation of the FEMA guidelines.
The companies are named- Rootbridge Services Pvt Ltd (RSPL), Rootbridge Academy Pvt Ltd (RAPL) and ASAR Social Impact Advisors Pvt Ltd (ASAR). The SEDF reportedly provided funds to the tune of ₹300 crore to more than 12 companies in India.
The OSF was put under the Prior Reference Category (PRC) by the Ministry of Home Affairs (MHA) in 2016 which mandated the OSF to seek prior permission from the ministry before giving any donations to FCRA-registered entities in India.
However, the OSF had been trying to bypass the regulations and restrictions by bringing in funds through FDI and consultancy fees and using the money to fund certain NGOs in India, in contravention of Indian laws.
Soros’ Open Society Foundation is accused of engineering regime change operations around the world though civil society groups and activists. The OSF describes itself as the world’s largest private funding agency of groups supporting human rights, justice and accountable government.
