India: Morepen Laboratories Deal Investigation

The Corinth Group of Switzerland network's connection to India centres on a share allotment in Morepen Laboratories Ltd, a listed Indian pharmaceutical company.

The Morepen Deal

Three Tuns Investment Holdings Ltd (UK company 14242045) received a share allotment in Morepen Laboratories Ltd, a company listed on the Bombay Stock Exchange and National Stock Exchange of India. This transaction represents one of the few documented instances where a Corinth Group network entity appears to have completed an actual investment transaction [Companies House filings; Morepen Laboratories annual reports].

Questions Raised

The investigation notes several questions about the Morepen transaction: the source of funds used for the share purchase, given that complainants allege advance fees were collected but no funding delivered; whether the shares were acquired using client advance fees; and whether the deal was presented to prospective clients as evidence of the network's investment capability while simultaneously collecting advance fees from new clients for unrelated transactions that never materialised.

Pinfold Overseas Limited

Pinfold Overseas Limited also holds approximately 7.03% of Morepen Laboratories shares. The investigation has flagged a possible connection between Pinfold and the Corinth Group network, potentially representing a transfer of shares between related entities. This connection requires further investigation through Indian corporate filings and shareholder records.

Key Facts

• Three Tuns received Morepen Laboratories share allotment
• Morepen listed on BSE and NSE
• Pinfold Overseas holds 7.03% — possible Corinth connection

Complaint Reports

People Involved

Related Entities

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