News release

Integrated Money Laundering Investigative Team lay 29 charges in $40 million money laundering scheme

June 30, 2025 - Calgary, Alberta
From: Federal Policing Northwest Region

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The RCMP Northwest Region Federal Policing’s Integrated Money Laundering Investigative Team (IMLIT) has charged two individuals and one company with 29 charges relating to money laundering and fraud.

The two accused individuals – who owned and operated a money service business (MSB) with locations in Calgary and Vancouver – are alleged to have committed fraud against several financial institutions by transferring more than $40 million into Canada from the United Arab Emirates via a complex network of shell companies and third-party banks accounts. 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 (PCMLTFA).

As a result of the investigation, the following accused were charged:

• Kevin Sarrafi (39), a resident of Alberta, was arrested and charged with 27 offences, and is scheduled to appear at the Alberta Court of Justice in Calgary on June 30, 2025;
• Saba Sarrafi (45), a resident of Coquitlam, B.C. was charged with 29 offences, and a Canada-wide arrest warrant was issued for his arrest; and,
• Canex Forex Ltd. was charged with 29 offences.

IMLIT is a partnership between RCMP Federal Policing, the Forensic Accounting Management Group and the Canada Revenue Agency’s Criminal Investigations Division. It is mandated to counter serious organized crime by disrupting criminal networks created to launder proceeds of crime, through the prosecution of persons engaged in money laundering activities.

If you are unsure of whether or not you are being targeted by a scam, visit the Government of Canada's website to learn about common scam-types. If you have been the victim of fraud, report it to your local law enforcement and to the Canadian Anti-Fraud Centre online at www.centreantifraude.ca, or by calling: 1-888-495-8501. Be sure to contact your bank and credit card company if you believe your personal or financial information has been compromised.

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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 support provided by FINTRAC, the Forensic Accounting Management Group, and the Canadian Bankers Association was instrumental in advancing this case and demonstrates how Canada practices an integrated approach to meet its international obligations to protect Canada’s financial system from the threat of money laundering.

RCMP Federal Policing Northwest Region

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