Morepen Laboratories: The One 'Deal' in 12+ Years — Questions Remain

Morepen Laboratories Ltd, a BSE/NSE-listed Indian pharmaceutical company, is the only entity where a documented financial transaction links to the Corinth Group / Three Tuns network. This page examines the Morepen connection and the questions it raises.

The Morepen Share Allotment

Three Tuns Investment Holdings Ltd (company 14242045) holds shares in Morepen Laboratories Ltd, a pharmaceutical company listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. This shareholding is documented in Companies House filings for Three Tuns Investment Holdings [Companies House, company 14242045].

This is the only documented financial transaction involving any entity in the Corinth Group / Three Tuns network across 12+ years of operation. No other completed deal has been identified through public records, regulatory filings, press releases, or complainant accounts [Investigation analysis].

What Is Morepen Laboratories?

Morepen Laboratories Ltd is a legitimate Indian pharmaceutical company that manufactures active pharmaceutical ingredients (APIs), formulations, and diagnostic devices. It is publicly listed and traded on Indian stock exchanges. The company has real operations, employees, and revenue [BSE/NSE company listings].

Questions About the Transaction

While the Morepen shareholding is real, several questions remain:

• Was the investment made with client fees? If the Corinth Group collected advance fees from clients seeking corporate financing, and those fees were used to purchase shares in a publicly listed company, this raises questions about the use of client funds
• Was this presented to clients as evidence of deal capability? A single share purchase in a listed company is fundamentally different from arranging corporate financing for clients — the service the network claims to provide
• Does this transaction represent a genuine investment strategy? Purchasing shares in a listed company does not require the infrastructure claimed by the Corinth Group — six Swiss AGs, multiple UK companies, a Cyprus AIFM license, and an international network

The Context

The Morepen shareholding must be understood in context. The Corinth Group network has collected substantial upfront fees from multiple clients over 12+ years, promising access to institutional financing. Not one of those promised financing transactions has been documented as completed. The Morepen share purchase — a straightforward stock market transaction — does not evidence the deal-making capability the network claims [Investigation analysis].

Additionally, Pinfold Overseas Limited holds a 7.03% stake in Morepen Laboratories. Investigation is ongoing into whether this entity is connected to the Corinth Group network and whether shares were transferred between network entities [BSE shareholding disclosures].

Verification

Morepen Laboratories' shareholding structure can be verified through BSE/NSE annual reports. Three Tuns Investment Holdings filings are available at Companies House.

Key Facts

• Three Tuns Investment Holdings holds shares in Morepen Laboratories (BSE/NSE listed)
• Only documented financial transaction across 12+ years of network operation
• Morepen is a legitimate Indian pharmaceutical company
• Share purchase does not evidence corporate financing capability
• Questions remain about source of funds used for purchase
• Pinfold Overseas Ltd (7.03% Morepen stake) — connection under investigation
• No other completed deal documented under any brand name

Complaint Reports

People Involved

Related Entities

Related Investigations