ADG Absolute Diversified Growth Fund

    Bermuda-domiciled ADG Absolute Diversified Growth Fund caught OffshoreAlert's attention in 2015 when we cast doubt on the legitimacy of two delinquent loans totaling $98 million that it had made to dubious entities in the British Virgin Islands that seemed to have no bona fide operations. Two years later, we revealed that three people had been criminally charged with fraud in India regarding an alleged fraud and money laundering scheme involving ADG.
    Timeline
    21

    June

    2017

    Bermuda and Curacao funds used to launder $125M fraud proceeds, say police

    Offshore funds in Bermuda and Curacao – ADG Absolute Diversified Growth Fund and Enterprise Emerging Markets Fund – were used by fraudsters in India to launder the proceeds of a $125 million investment scam by Bombay Stock Exchange-listed technology firm Geodesic Ltd., according to Mumbai police.

    06

    July

    2015

    More red flags concerning Bermuda’s ADG Absolute Diversified Growth Fund

    How could a private equity fund negotiate and sign a multi-million dollar contract with a ‘company’ that didn’t even legally exist? That’s the latest unanswered question that raises further doubts about the credibility of Bermuda-based ADG Absolute Diversified Growth Fund Ltd.

    25

    March

    2015

    Bermuda’s ADG Fund sues defunct BVI shell firm for $52M in ‘dispute’ that invites suspicion

    An obscure Bermuda-domiciled private equity fund – ADG Absolute Diversified Growth Fund – has applied to liquidate an even more obscure and long ago defunct BVI shell company – Lasdun Ventures – for alleged failure to repay a $52 m loan, a transaction whose substance is open to question.

    26

    February

    2015

    ADG Absolute Diversified Growth Fund Ltd. v. Eland Crown International Growth Fund Ltd.: Liquidation Application

    Liquidation Application in ADG Absolute Diversified Growth Fund Ltd. v. Eland Crown International Growth Fund Ltd. at the British Virgin Islands High Court.

    13

    January

    2014

    Six TIEA applications made in Bermuda over first 10 days of 2014

    Bermuda’s Minister of Finance has made six applications to Bermuda Supreme Court already this year for orders requiring local companies to produce records for foreign tax investigations. The respondents are Appleby (Bermuda) Ltd., ADG Absolute Diversified Growth Fund Ltd., Firstmark Ltd., The Boston Trust Company Ltd., c/o Codan Trust Company Limited; RUBiS Energy Bermuda Ltd. and RUBiS Bermuda Ltd.