Usman Siddiqui, the sole director of Equitable Financial Solutions Pty Ltd and of Brighton-Lesha, NSW, appeared at Downing Centre Magistrates Court on suspicion of breaching a director's duties。

Mr. Siddiqui is charged with four counts of dishonestly exploiting his status as a director of Equitable Financial Solutions for personal gain by allegedly diverting $1.75 million of company funds from Equitable Financial Solutions for personal gain.。

The Australian Securities and Investments Commission (ASIC) charged Mr Siddiqui with breaching section 184 (2) (a) of the Companies Act 2001 and applied for an arrest warrant against him, which was arrested by NSW Police on 2 November 2023.。

Mr Siddiqui was granted bail on the day of his arrest, with conditions barring him from leaving Australia.。

Equitable Financial Solutions and other companies controlled by Mr Siddiqui claim to offer Sharia-compliant investment and loan products to members of Australia's Muslim community, ASIC said.。The maximum penalty for contravention of section 184 (2) of the Companies Act is 15 years' imprisonment.。

The charges have been placed on the list and will be arraigned again at Downing Centre Magistrates Court on 20 February 2024.。