Paradise Papers: Manipal University MD raised funds via Maritius collateral

New Delhi, Nov 9: The International Consortium of Investigative Journalists (ICIJ) has once brought out paradise papers - the documents to shun the light on offshore entities.

The documents reveal that Manipal Education and Medical Group (MEMG) MD and CEO Ranjan Ramdas Pai has set up companies in Mauritius to take loans and He pledged the shares of the companies as Collaterals.

The Documents show that between 2002-2003, the company picked up collaterals — listed as four charges — worth Rs 87 crore from Indian banks and Between 2006-2011, records show, MEMG International Ltd got 15 charges from foreign banks.

The company's profile shows that MEMG International Ltd was incorporated in Mauritius in 1998 and became an amalgamated company in 2012 — its original name was Wigmore Worldwide.

The documents show that the company Took loans from ICICI bank, Standard Chartered Bank (UAE, Mauritius).

Manipal University Response

Ranjan Ramdas Pai responds: I confirm that I and my wife are associated with Mauritius-based MEMG International Ltd, which was earlier named Wigmore Worldwide.The charges referred pertains to security/collateral offered by MEMG International Ltd, for various secured loan facilities availed from foreign banks and Indian (through their overseas subsidiaries/branches) & such secured loans availed were utilized exclusively for expansion (overseas campuses)/investments made outside India.