Lquid Finance, dba LquidPay, has received a securities fraud warning from the Australian Securities and Investments Commission (ASIC).

As per ASIC’s June 6th Lquid Finance and LquidPay warning;

[Lquid Finance & LquidPay are] likely to be offering financial services to Australian consumers.

[They do] not hold an Australian financial services licence or Australian credit licence from ASIC, and [are] not authorised by a licensee.

Offering unregistered securities to Australian residents violates Australian financial law and constitutes securities fraud.

Lquid Finance and LquidPay are run by Indian national Shavez Ahmed Siddiqui, aka Shavez Anwar.

LquidPay has an app listed on the Google Play Store, purportedly developed by “Marida Limited”. Marida Limited provides a LquidPay website support email address, but cites a corporate address in Hong Kong.

Siddiqui, a serial fraudster hiding in Dubai, was a central figure in Sam Lee’s collapsed HyperFund Ponzi scheme.

After HyperFund collapsed, Lee and Siddiqui continued to defraud consumers through HyperOne (Siddiqui was HyperOne’s “Operation Head of Asia Pacific”).

After HyperOne Lee and Siddiqui teamed up on StableDAO, essentially HyperTech Group 2.0 (HyperTech was the parent company of Lee’s HyperCapital and HyperFund Ponzis).

Through StableDAO Lee launched StableOpinion, VidiLook (rebooted as ViviLook 2.0 and then again as VEND), WeAreAllSatoshi, Satoshi Math Club and Boomerang Trade (aka Boomerang Arbitrage Trading).

At some point Lee had a falling out with Siddiqui, prompting Siddiqui to take over We Are All Satoshi (WAAS) as his own Ponzi project.

Following multiple failed WAAS reboots, Siddiqui launched Lquid Finance and Lquid Pay.

BehindMLM never formally reviewed Lquid Pay but as per research by Danny de Hek, the scheme sold debit cards tied to Visa’s network.

Commissions were purportedly paid on affiliate recruit, residual commissions and funneling investors into other BTCC token scams.

Separately, BehindMLM can reveal we received a “final legal complaint” from someone claiming to be Shavez Ahmed Siddiqui on June 9th.

I am Shavez Ahmed Siddiqui, CEO of Lquidpay Deobank, and I am reaching out with utmost urgency regarding several defamatory and misleading articles published on your platform that mention my name, associated ventures, and content falsely linking me to fraudulent activities and individuals.

The articles listed below either directly or indirectly damage my personal and professional reputation by associating me with projects or persons (such as Sam Lee, Danny de Hek, Hyperfund, and others) with whom I have no legal, operational, or financial association.

These reports were published without any prior verification or right of response, and some were even triggered by orchestrated misinformation campaigns led by known bad actors.

I request immediate removal of the following URLs from your website: (Google Docs link)

These articles are contributing to severe reputational damage, legal distress, and public misinformation. I strongly urge your editorial team to review and take down any references that falsely associate me or my company with fraudulent actors or schemes.

Please note, a full legal dossier is prepared and will be submitted to relevant authorities including hosting providers, media regulatory bodies, and international legal channels if no action is taken within 7 working days.

If you require documentation such as legal notices, character verification, or evidence refuting these claims, kindly provide a direct email address where files can be shared securely.

Thank you for your attention and prompt cooperation.

Sincerely,
Shavez Ahmed Siddiqui
CEO – Lquidpay Deobank

Naturally BehindMLM declined to act on the request to hide Siddiqui’s scamming.

Deobank I hadn’t heard of before. It appears to be a rebranding to get ahead of Lquid Finance and LquidPay fraud warnings.

LQUID PAY is evolving into the world’s first Deobank — a decentralized, on-chain banking layer for the next billion users. Spend, Save, and Earn from your self-custodial wallet, powered by Visa.

Like LquidPay and Lquid Finance, Lquidpay Deobank is not registered to operate as a bank or offer securities in any jurisdiction.

Sam Lee was indicted in the US in 2024 and, hiding in Dubai, remains a wanted fugitive.

As Siddiqui’s regulatory fraud warnings start to pile up, whether further action will be taken against him too remains to be seen.