Hindenburg row: Who is George Soros and why does BJP often link the billionaire to Congress?

Between 1979 and 2011, George Soros reportedly contributed over $11 billion to various philanthropic efforts.

The BJP on Monday attacked US-based short seller Hindenburg Research and alleged that Hungarian-born US investor George Soros was its main investor.

Soros, who founded the Open Society Foundation, has been a vocal critic of Prime Minister Narendra Modi. He has also been accused by the BJP of trying to interfere in “India's democratic process” in the past.

“Today we want to raise some issues. Whose investment is there in Hindenburg? Do you know this gentleman George Soros who regularly runs propaganda against India...He is the main investor there...In their pathological hatred against Narendra Modi, the Congress Party today has developed hatred against India itself,” said BJP MP Ravi Shankar Prasad while addressing a press conference.

The BJP leader accused the Congress of attempting to destabilise the stock market and harm small investors due to their opposition to Prime Minister Narendra Modi.

However, this is not the first time that the BJP has tried to link Soros with the Congress. Last year, the then Union Minister Smriti Irani had alleged that Congress leader, Rahul Gandhi, during his US visit, "hobnobbed" with people having suspicious credentials, including close aides of Soros.

Prasad’s comments came after Hindenburg Research alleged that the Securities and Exchange Board of India's (SEBI) chairperson Madhabi Puri Buch held investments in offshore funds also used by the Adani Group.

Who is George Soros?

Born in 1930, George Soros is of Jewish descent. He escaped the Nazi occupation of Hungary and relocated to the UK in 1947. Soros worked as a railway porter and waiter to fund his studies at London School of Economics. Soros launched his first hedge fund, Double Eagle, in 1969. The success of this fund helped him establish Soros Fund Management, his second hedge fund, in 1970. Between 1979 and 2011, he reportedly contributed over $11 billion to various philanthropic efforts.

Soros founded the Open Society Foundations in 1984. This body declares its dedication to advancing the values of justice, democracy, and human rights in more than 120 countries. According to reports, Soros contributed over $11 billion to various philanthropic efforts between 1979 and 2011.

Soros’ connection with India

It all started in 2023 when Hindenburg released a report that alleged that Adani Group's chairperson, Gautam Adani, improperly used tax havens and flagged concerns about high debt levels at the company. The report was released in January 2023. However, in February 2023, Soros while addressing the Munich Security Conference,  spoke of the alleged stock selloff of Adani Group companies mentioned in the Hindenburg Research report. He termed PM Modi as “no democrat” and said the Adani “affair” could potentially lead to a resurgence of democracy in India.