A mutual fund or open-end fund with a legal domicile in, the Bahamas, the Cayman Islands, British Virgin Island, Mauritius, Belize etc, is called an offshore open-end fund/mutual fund.
If you do not want to lose your investment, and be a victim of a “Ponzi Scheme”, you should consider the following:
Who are the Fund managers and Directors?
Google their names and search for their disciplinary history. It is a must, and you should ask more questions according to the results you found.
If it is too good to be true, it may be a “Ponzi Scheme”.
The Kijani Fund case study {according to the publications (http://www.nakedcapitalism.com/2015/04/belvedere-management-massive-criminal-enterprise-defamed-fund-manager.html) it was a “Ponzi Scheme”}:
The Kijani Fund was established in October 2011, and it was regulated back then by the Financial Services Commission in Mauritius. Please find the relevant link for the information (which was available in real time) – http://www.aijiuyujia.com/1-O53XOLTXMVQWY5DIOBZGS33SNF2HSLTDN5WQ/download/2853kijani_FAQ_March__LR.pdf
In 2015 it was regulated by the Cayman Islands Monetary Authority (please find the relevant link – http://www.portfoliomi.com/pdf/AMI-KIJANI-FACTSHEET-MARCH-2015.pdf), while the Financial Services Commission in Mauritius has initiated enforcement actions against Four Elements PCC on October 2014 (The Kijani Fund was a Cell of the Four Elements PCC). Please find the relevant link – https://www.fscmauritius.org/media/1427/public-notice-four-elements-pcc.pdf
On 31.12.2014, if you were considering to invest in Kijani Fund, your Financial Adviser should have been telling you about the Kijani Fund bad disciplinary history (Mauritius enforcement actions). Obviously, Most investors, once considering the above information, will not put their savings at this type of un-reputed Fund.