Parliamentary Affairs Minister Kiren Rijiju, on Monday urged all political parties, including the Congress, to unite against anti-India forces and speak up if their leaders act against national interests. His remarks followed the BJP’s allegations that former Congress president Sonia Gandhi is linked to an organization funded by the George Soros Foundation, which has reportedly supported such controversial ideas as making Kashmir an independent country.


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The BJP claims Sonia Gandhi, as co-president of the Forum of the Democratic Leaders in Asia-Pacific (FDL-AP) Foundation, has links with this organization. Meanwhile, George Soros, himself, has sparked political controversy in India with his comments on the Adani-Hindenburg issue.


Soros Criticizes Modi-Adani Connection


In February 2023, while speaking at the Munich Security Conference, Soros had made critical comments about the connection between Adani and the Indian government. He said Prime Minister Narendra Modi and businessman Adani shared a close relationship.


Soros said the future of Adani and Modi were closely connected. He said Adani was accused of stock manipulation and his company’s shares had crashed badly like a house of cards. Soros added that, while Modi remained silent on the issue, he would eventually have to face questions from foreign investors and answer in the Parliament.


The billionaire said this could weaken Modi’s control over the government and create a chance for important changes in institutions. He added that he expected democracy in India to improve.


Soros Undermining Democracy, Accuses BJP


The BJP accused the 92-year-old billionaire of attempting to ‘destroy’ Indian democracy and pushing for a government led by his chosen individuals. They also suggested a connection between Soros and the Congress, but the latter denied any links, stating that India’s democracy was decided by its people and the electoral process, not by Soros.


Who is George Soros ?


George Soros, born in 1930 into a prosperous Jewish family in Budapest, Hungary, is a well-known Hungarian-American investor, philanthropist and political activist. His childhood was disrupted in 1944 when the Nazis occupied Hungary. The family separated and used fake documents to avoid being sent to concentration camps after they changed their name from ‘Schwartz’ to ‘Soros’ to hide their Jewish identity.


In 1947, he moved to London and worked as a railway porter and waiter to support himself. Despite these challenges, he got into the London School of Economics, where he studied philosophy under the famous philosopher, Karl Popper. In 1956, Soros moved to the United States and decided to shift his focus from philosophy to a career in investment banking.


In 1973, he started his first hedge fund—where money from wealthy individuals or organizations is pooled together and invested in different ways to earn high profits—Soros Fund Management, which helped him become one of the most successful investors in American history.


Man who broke the Bank of England


In 1992, Soros made a bold investment by betting that the value of the British pound sterling would fall. His prediction turned out to be correct, leading to the devaluation of the currency. This caused huge financial losses for the Bank of England, while Soros made a massive profit.


In simple terms, he essentially gambled against the strength of the pound and won, becoming famous as ‘The Man Who Broke the Bank of England’. In doing so, he is believed to have earned a profit of $1 billion (approximately INR 8,500 crore).


He has been criticized for his actions, with some arguing that his financial moves worsened the instability of the economy and contributed to the economic downturn in the UK during the early-1990s. Simply put, many believe his actions made the economic situation in the country worse.


Charitable Initiatives/Contributions


Apart from his work in finance, Soros is known as one of the world’s biggest philanthropists. Since starting the Open Society Foundations (OSF) in 1979, he has donated over $32 billion to support various causes around the world. The OSF works to support democracy, human rights and social justice around the world. Soros started his charity work by giving scholarships to black South Africans during apartheid. Over time, he expanded his efforts to help democratic movements in Eastern Europe.


Political Influence of George Soros


Soros’s foundation has supported many projects focused on promoting open and free societies. This includes funding educational programmes, such as the Central European University in Budapest. Soros has also supported such social causes as changing drug policies and fighting for LGBTQ+ rights in the US. Soros has strongly supported liberal political causes and leaders in the US. He has backed prominent figures, such as Barack Obama and Hillary Clinton.


His donations have often made him a focus of political debates, with critics accusing Soros of trying to influence political decisions and issues. In the US, Soros is often recognized by Democrats led by Biden, as a major supporter of liberal causes and political candidates.


His donations have played an important role in funding Democratic campaigns and initiatives, especially during elections. Soros has also faced strong criticism from Republicans, especially Donald Trump supporters. They often accuse him of trying to influence US politics by funding liberal organizations and initiatives.


Handing Over Control to Alex Soros


George Soros has handed over control of his $25-billion financial and charitable organization to his son, Alex Soros. He explained that Alex had ‘earned’ the responsibility. Alex, 37, is the second-youngest of George Soros’s five children. He has a degree in History from New York University and a Ph.D from the University of California, Berkeley, according to the BBC.


Alex is the only family member on the investment committee of Soros Fund Management. This committee manages the $25-billion portfolio for both the Soros family and their foundation, as reported by The Wall Street Journal (WSJ).


Since December 2022, Alex has been chairman of the OSF. He also oversees his father’s ‘super PAC’, which provides funds to political parties. In an interview with the WSJ, George Soros, who has a net worth of $6.7 billion, expressed his trust in his son’s ability to lead.


Alex professes to be ‘more involved in politics’ than his father. He had also promised to work against Donald Trump’s attempt to become US President for a second term, according to the BBC.


Congress Supports Ban on Soros Groups


The Congress has called for a ban on George Soros’s activities in India, sparking political controversy. The BJP claims there are connections between Soros and Opposition leader Rahul Gandhi, adding fuel to the debate. On Tuesday (December 10), the Congress urged the government to stop all businesses and activities supported by Hungarian-American billionaire George Soros.


Supriya Shrinate, Congress spokeswoman, during a press conference at the party headquarters in New Delhi, said, if George Soros was involved in actions against India, and was trying to destabilize the government or working against the establishment, why had the government not stopped his operations and activities in the country? Why was George Soros still allowed to operate in India? His financial support for start-ups, students, farmers and small businesses should be stopped, she added.


The Opposition leader also reportedly asked the government to let the US know how George Soros had been attempting to destabilize the Indian government.


She alleged that George Soros, through the Soros Economic Development Fund (SEDF), managed two major funds in India—Aspada, now called Lightrock, which invests in start-ups and such early-stage businesses in areas as education, healthcare, logistics, financial services and agriculture; and SONG, also managed by Lightrock.


Aspada has invested about $90 million in small businesses, farming projects and start-ups. Aspada’s biggest investments were in two ‘social impact’ companies—Neogrowth and Capital Float.


The founders of Capital Float, Gaurav Hinduja and Shashank Rishyasringa, had invested about $300 million to support nearly 40,000 small businesses, she explained. Shrinate showed photographs of senior BJP leaders with the two venture capitalists supported by Soros and questioned the ruling party about its connection with these businessmen.


BJP: Soros Media Targets India


The BJP called the Organised Crime and Corruption Reporting Project (OCCRP) part of a ‘dangerous triangle’ working to harm India’s political and economic stability and linked to George Soros and US government agencies.


Accusing the media group of trying to destabilize the country, the BJP claimed that, on Thursday (December 5), the OCCRP published biased reports targeting Indian industrialists with the hidden agenda of trying to bring about a change in India’s government.


Referring to the OCCRP-led media investigation against billionaire Gautam Adani published last August, BJP member of Parliament and national spokesperson Sambit Patra stated at the party headquarters that these reports, or ‘hit jobs’, were aimed at creating economic instability and causing major disruptions in India.


Patra said the OCCRP’s reports aimed to create panic in the stock market, causing share prices to drop. This, he said, would lead to losses for Indian retail investors, pushing them to turn against the government and trigger a regime change.


Patra also trashed other reports by the OCCRP, including allegations from 2021 and 2022 by OCCRP partners. These reports claimed that India’s Intelligence Bureau purchased military-grade spyware from an Israeli company to monitor Opposition leaders, journalists and civil society members. The Indian government denied these claims in Parliament in August 2021.


The OCCRP caused a big political controversy in India with its Pegasus report in July 2021. The Supreme Court dismissed the issue in August 2022. He also said that the ongoing disruptions in Parliament were linked to OCCRP’s reports.


BJP spokesperson Laxman said, every time that Parliament started, international anti-India groups created fake issues to disrupt its work. He added that they did not want India to grow and become a global leader under Modi’s leadership.


(Girish Linganna is a Defence and Aerospace Analyst based out of Bengaluru. He is also the Director of ADD Engineering Components, India, Pvt. Ltd, a subsidiary of ADD Engineering GmbH, Germany. The views expressed in this article are of the author only.)