Police in the Cayman Islands have reportedly made an arrest linked to the recent collapse of several hedge funds registered in the jurisdiction.
Detectives from the Financial Crimes Unit (FCU) of the Royal Cayman Islands Police Service (RCIPS) arrested a 47-year-old man last week on suspicion of theft, false accounting and uttering false documents in relation to the Grand Island Funds, which were recently placed into voluntary liquidation by the funds' shareholders.
According to a report by Cayman Net News, it is speculated that the losses stem from oil trades and total some 70 million dollars.
The Cayman Islands Monetary Authority (CIMA) confirmed in a statement on 25th June that three CIMA-registered investment funds and a fourth fund, not regulated by CIMA, have been placed into voluntary liquidation.
The entities, which are all Cayman-domiciled, are Grand Island Commodity Trading Fund I, Grand Island Commodity Trading Fund II, and Grand Island Income Fund, which were registered by CIMA in 2006, and Grand Island Master Fund, which is unregulated.
The action was taken, with CIMA's knowledge, following the discovery of irregularities in the funds' trading activities.
The liquidators have indicated that they will be applying to the Grand Court of the Cayman Islands for the liquidation to be brought under the court's supervision.
CIMA announced in its statement that it is continuing its own investigation into the matter.
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