On 8 November 2022, the Federal Court made interim travel restraint orders on an ex parte basis against Usman Nadeem Siddiqui, the former director of Equitable Financial Solutions Pty Ltd (in liquidation), which provided credit, including car and home loan facilities and investment services to customers primarily from the Muslim community in Australia.
This included an order that Mr Siddiqui deliver his passport to the Sydney Registry of the Federal Court.
On 11 November 2022, by consent the Court ordered that, until 28 February 2023:
- Mr Siddiqui is restrained from leaving Australia, and
- all passports delivered by Mr Siddiqui to the Registry be held by the Registry.
ASIC applied for these orders because it is concerned that Mr Siddiqui may have contravened financial services laws.
ASIC's investigation into Mr Siddiqui is ongoing.
Any person who is concerned they have invested with Equitable Financial Solutions or Mr Siddiqui can contact ASIC.
