RCMP lay 29 charges in alleged $40M money laundering scheme tied to Calgary business
2 individuals and 1 company with locations in Calgary and Vancouver alleged to have committed fraud
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.