An official familiar with the matter said investigators are reviewing investments made by SEDF and OSF into various individuals and organizations in India, as well as how those funds were subsequently used. The inquiry reportedly focuses on whether certain transactions violated FEMA guidelines.
Media reports indicate that OSF was placed under a “prior reference” category by India’s Ministry of Home Affairs in 2016. This designation requires additional government approval before foreign contributions can be made to local organizations. Investigators are assessing whether alternative funding structures, including investments categorized as FDI or consultancy fees, were used in a way that bypassed those restrictions.
OSF has operated programs connected to India since the late 1990s, although reports note that the organization does not maintain physical offices in the country. Authorities have not announced any formal charges, and the investigation remains ongoing.
U.S. Regulatory Scrutiny in Separate Matter
In a separate and unrelated development, Soros-linked investments in U.S. media assets have also drawn regulatory and congressional attention. In late 2024, the Federal Communications Commission (FCC) approved a transaction involving the acquisition of debt in Audacy Inc., a radio broadcasting company that owns more than 200 stations nationwide.
The approval prompted questions from some lawmakers regarding the review process and foreign ownership thresholds under U.S. broadcasting regulations. Members of Congress requested additional information from the FCC about whether standard procedures were followed during the transaction.
The FCC has stated that it is reviewing concerns raised by lawmakers as part of its oversight responsibilities. No regulatory violations have been formally determined, and the agency has not indicated that the transaction will be reversed.
Ongoing Reviews
Both the Indian and U.S. matters remain under review by the respective authorities. Officials in India have emphasized that the Enforcement Directorate’s actions are part of a routine legal process, while U.S. regulators continue to evaluate compliance with existing communications and ownership rules.
As investigations proceed, officials in both countries have said further updates will be provided if new findings emerge.