Latest news with #KevinSarrafi
CBC
12 hours ago
- Business
- CBC
RCMP lay 29 charges in alleged $40M money laundering scheme tied to Calgary business
The RCMP's Integrated Money Laundering Investigative Team has charged two individuals and a company in connection with an alleged $40-million international money laundering scheme. Canex Forex Ltd., Alberta resident Kevin Sarrafi, 39, and British Columbia resident Saba Sarrafi, 45, face charges related to money laundering and fraud, RCMP said in a release. The two accused individuals, who owned and operated a money service business with locations in Calgary and Vancouver, are alleged to have committed fraud against several financial institutions, RCMP said in a release. The alleged fraud saw more than $40 million transferred into Canada from the United Arab Emirates via "a complex network of shell companies and third-party bank accounts," RCMP said. "This investigation underscores the critical importance of collaboration between law enforcement, public agencies, and the private sector to strengthen and enforce Canada's anti-money laundering regime," said the release. Kevin Sarrafi was charged with 27 offences and was scheduled to appear in court in Calgary on Monday. Saba Sarrafi was charged with 29 offences and a Canada-wide warrant was issued for his arrest, RCMP said. Canex Forex was charged with 29 offences.
CTV News
13 hours ago
- Business
- CTV News
Charges laid in $40M money laundering scheme allegedly involving Canex Forex Ltd.
Two men are facing charges after allegedly participating in a $40-million money laundering scheme. The accused owned and operated a money service business called Canex Forex Ltd., with locations in Calgary and Vancouver. RCMP allege they committed fraud against several financial institutions by transferring money into Canada from the United Arab Emirates via a 'complex network of shell companies and third-party banks accounts.' Canex Forex Ltd. is charged with 29 offences, while Kevin Sarrafi, 39, of Alberta, faces 27 charges, and Saba Sarrafi, 45, of Coquitlam, B.C., faces 29 offences. Kevin Sarrafi is set to appear in court on Monday. A Canada-wide warrant has been issued for Saba Sarrafi's arrest.
Calgary Herald
14 hours ago
- Business
- Calgary Herald
RCMP busts $40M+ U.A.E.-to-Canada money-laundering scheme
Two people and one company have been charged in connection with a complex money laundering and fraud scheme, with one of the accused still on the lam. Article content Mounties say the owners of a money service business with locations in Calgary and Vancouver are alleged to have committed fraud against several financial institutions. Article content Article content More than $40 million was transferred into Canada from the United Arab Emirates using a 'complex network of shell companies and third-party banks' accounts.' Article content Article content 'The money laundering scheme was designed to disguise the source and nature of the funds, and to deliberately defeat the reporting requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act,' said the RCMP in a Monday media release. Article content Article content Kevin Sarrafi, 39, a resident of Alberta, was arrested and concerning the case. He faces 20 counts of fraud over $5,000 and several other charges for a total of 27 offences. Article content Kevin Saffari is scheduled to appear at the Alberta Court of Justice in Calgary on Monday. Article content Saba Sarrafi, 45, a resident of Coquitlam, B.C., was charged with 29 offences, and a Canada-wide arrest warrant has been issued for his arrest. Article content Both Saba Sarrafi and the Canex Forex face 21 counts of fraud over $5,000 and several other charges. Article content 'This investigation underscores the critical importance of collaboration between law enforcement, public agencies, and the private sector to strengthen and enforce Canada's anti-money laundering regime,' the RCMP said. Article content A Better Business Bureau profile lists Canex Forex Currency Services as not accredited, although Saba Sarrafi is listed as an owner. Article content
