ASIC Fraud Warning Summary for Lquid Finance and LquidPay
Overview
- Date: June 6, 2025
- Issuer: Australian Securities and Investments Commission (ASIC)
- Target: Lquid Finance, operating as LquidPay
- Violation: Offering financial services to Australians without an Australian financial services or credit license, breaching Australian financial laws.
Key Details
- Operator: Shavez Ahmed Siddiqui (aka Shavez Anwar), an Indian national based in Dubai.
- Background: Siddiqui was involved in Sam Lee’s HyperFund Ponzi scheme and HyperOne, later taking over We Are All Satoshi (WAAS) before launching Lquid Finance and LquidPay.
- Operations: LquidPay, listed under “Marida Limited” on Google Play, offered Visa-linked debit cards with commissions tied to affiliate recruitment and BTCC token scams.
- Rebrand: LquidPay is rebranding as Lquidpay Deobank, claiming to provide decentralized banking, but it lacks registration to operate as a bank or offer securities.
Regulatory Context
- Siddiqui’s ventures are linked to Lee’s HyperTech Group, including HyperFund, HyperOne, and StableDAO projects like StableOpinion and VidiLook.
- Sam Lee, indicted in the U.S. in 2024 for a $1.89 billion fraud, is a fugitive in Dubai.
- Siddiqui sent a legal complaint to BehindMLM on June 9, 2025, demanding removal of articles tying him to fraud, which was declined.
Investor Advisory
- Action: Verify financial platforms with ASIC or other regulators before investing.
- Risk: Unlicensed schemes like Lquid Finance and LquidPay pose significant financial risks due to lack of regulatory oversight.