Another victim of money manager Bernard Madoff's alleged $50 billion fraud has emerged, with a loss equivalent to more than $350 million.

The hedge fund Auriga International Advisers based in the British Virgin Islands invested its whole fund in U.S. Fairfield Sentry, which at the same time invested with Madoff, the Associated Press reports quoting a report from the SonntagsZeitung Sunday.

I deeply regret that the investors of Auriga International, to which I too belong, fell victim to this incredible case of fraud, Jacques Rauber, main shareholder at Auriga International Advisers said, according to the SonntagsZeitung reports AP.

Madoff's alleged fraud has been called the largest ponzi scheme fraud ever. He is currently free on bail under surveillance at his apartment in Manhattan, New York City as investigations continue. If convicted of a charge of securities fraud, he faces up to 20 years in prison and a $5 million fine.