Serious questions are being asked as to where all the money went following months of discount sales by failed retailer Mwave who was placed into administration last week with Digi Direct snapping the business a few days later.

ChannelNews understand that the operators of Mwave left behind some serious debt, with insiders claiming that Ingram Micro is owed $1.8M with Synnex, Dicker Data and others owed over $3M, this also includes smaller distributors including the likes of Centrecom.

Mwave staff celebrate after getting a capital injection. The investment failed to save the business.

Mwave who claimed to be a leading retailer in the gaming market was at one stage owned by Anacacia Capital and founder Victor Lee and operated via Essel.

After sluggish growth and with investors demanding answers due to poor sales, Lee bought out his private equity partners and put Mwave on the market.

At this stage it appears that the business that was suddenly placed into administration had no stock or cash on their books when administrators, Antony Resnick, and Henry Ho Leung Kwok of DVT Group in Parramatta NSW were appointed to liquidate the Company on the 13th of June 2025.

The business that sold Apple, D Link, Western Digital, ASUS, MSI, AORUS, Lexar, LG, Ubiquiti Networks, AMD, APC, HyperX, Philips, TP-Link, Brother, Intel and Logitech, products also set up a business to compete with JB Hi Fi Solutions commercial business.

According to information on the Aus Tender site Mwave only managed to gain a collective $2.4 million in business despite submitting 61 tenders.

Prior to Mwave, Lee co-founded the distributor Anyware but sold out of the company back in 2010.

Neither Victor Lee nor DigiDirect founder Shant Kradjian have returned our calls.