Cayman Net News- The Royal Cayman Islands Police Service (RCIPS) have arrested an unidentified 47-year-old man in connection with last month’s collapse of several Cayman-domiciled investment funds.

Detectives from the Financial Crimes Unit (FCU) arrested the man on suspicion of theft, false accounting and uttering false documents after their investigations into the collapse of four hedge funds listed under the umbrella name “Grand Island”.

In June the Cayman Islands Monetary Authority (CIMA) confirmed that the “Grand Island” funds were put into voluntary liquidation by the funds’ shareholders. Three of the four funds involved were registered with CIMA in 2006 and one other was an unregulated fund.

Police say that the funds were believed to have been worth millions of dollars, though it is still unclear how much money was lost and how many people are affected by its collapse.

However, it is widely speculated that the losses are up to $70 million dollars and the main commodity being traded was oil. Because of the nature of the three registered funds investors had to contribute at the very least US$100,000.

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