Two men, Kevin Sarrafi and Saba Sarrafi, who owned Canex Forex Ltd. with locations in Calgary and Vancouver, are facing charges for allegedly participating in a $40 million money laundering scheme. RCMP allege they committed fraud against financial institutions by transferring money into Canada from the United Arab Emirates using shell companies and third-party bank accounts.
Charges laid in $40M money laundering scheme allegedly involving Canex Forex Ltd.
Calgary
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TL;DR: Key points with love ❤️Two men, Kevin Sarrafi and Saba Sarrafi, who owned Canex Forex Ltd. with locations in Calgary and Vancouver, are facing charges for allegedly participating in a $40 million money laundering scheme. RCMP allege they committed fraud against financial institutions by transferring money into Canada from the United Arab Emirates using shell companies and third-party bank accounts.
- 1 Recent: Charges laid against Kevin Sarrafi and Saba Sarrafi.
- 2 Monday (June 30, 2025): Kevin Sarrafi set to appear in court.
- 3 Ongoing: Canada-wide warrant issued for Saba Sarrafi.
- Kevin Sarrafi and Saba Sarrafi charged with multiple offenses
- A Canada-wide warrant issued for Saba Sarrafi
- Alleged $40 million money laundering scheme uncovered
What: Two men, Kevin Sarrafi and Saba Sarrafi, charged in a $40 million money laundering scheme involving their money service business, Canex Forex Ltd.
When: Charges laid recently; Kevin Sarrafi set to appear in court on Monday.
Where: Calgary, Vancouver (Canada), and United Arab Emirates.
Why: Alleged fraud against financial institutions and money laundering.
How: By transferring money into Canada from the United Arab Emirates via a “complex network of shell companies and third-party banks accounts.”