FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Altima Central Asia Master Fund LTD (Last) (First) (Middle) QUEENSGATE HOUSE SOUTH CHURCH STREET (Street) GEORGETOWN, GRAND CAYMAN E9 GT1234 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 06/20/2008	3. Issuer Name and Ticker or Trading Symbol CASPIAN SERVICES INC [ CSSV ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	6,521,740	D(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Altima Central Asia Master Fund LTD (Last) (First) (Middle) QUEENSGATE HOUSE SOUTH CHURCH STREET (Street) GEORGETOWN, GRAND CAYMAN E9 GT1234 (City) (State) (Zip)

1. Name and Address of Reporting Person* Altima Central Asia Fund LTD (Last) (First) (Middle) QUEENSGATE HOUSE SOUTH CHURCH STREET (Street) GEORGETOWN, GRAND CAYMAN E9 GT1234 (City) (State) (Zip)

1. Name and Address of Reporting Person* Altima Partners LLP (Last) (First) (Middle) STIRLING SQUARE 7 CARLTON GARDENS, (Street) LONDON X0 SW1Y 5AD (City) (State) (Zip)

1. Name and Address of Reporting Person* Schwarzkopf Alexander (Last) (First) (Middle) STIRLING SQUARE 7 CARLTON GARDENS (Street) LONDON X0 SW1Y 5AD (City) (State) (Zip)

1. Name and Address of Reporting Person* Limerick Edmund (Last) (First) (Middle) STIRLING SQUARE 7 CARLTON GARDENS (Street) LONDON X0 SW1Y 5AD (City) (State) (Zip)

1. Name and Address of Reporting Person* Donegan Mark (Last) (First) (Middle) STIRLING SQUARE 7 CARLTON GARDENS (Street) LONDON X0 SW1Y 5AD (City) (State) (Zip)

1. Name and Address of Reporting Person* Goddard Malcolm (Last) (First) (Middle) STIRLING SQUARE 7 CARLTON GARDENS (Street) LONDON X0 SW1Y 5AD (City) (State) (Zip)

Explanation of Responses:

1. All shares are underlying convertible debt determined at the close of trading on the transaction date. Debt is convertible at a fixed price. The convertible debt is owned directly by Altima Central Asia Master Fund Limited (the "Master Fund"), and may be deemed to be beneficially owned by Altima Central Asia Fund Limited (the "Feeder Fund"), a controlling shareholder of the Master Fund; Altima Partners LLP (the "Adviser"), the investment adviser to the Master Fund and the Feeder Fund; Mark Donegan, Malcolm Goddard, Edmund Limerick and Alexander Schwarzkopf as partners of the Adviser; and Edmund Limerick and Alexander Schwarzkopf, the portfolio managers for the Master Fund.

	Altima Central Asia (Master) Fund Limited By: /s/ Scott Baker, Director	06/30/2008
	Altima Central Asia Fund Limited By: /s/ Scott Baker, Director	06/30/2008
	Altima Partners LLP By: /s/ Malcolm Goddard, Partner	06/30/2008
	By: /s/ Malcolm Goddard	06/30/2008
	By: /s/ Mark Donegan	06/30/2008
	By: /s/ Edmund Limerick	06/30/2008
	By: /s/ Alexander Schwarzkopf	06/30/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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