29 charges laid by RCMP in $40M money laundering case connected to Calgary firm 

July02, 2025

RED FM News Desk

The RCMP’s Integrated Money Laundering Investigative Team has laid charges against two individuals and a company in connection with an alleged $40-million international money laundering operation. 

According to an RCMP news release, Canex Forex Ltd., along with 39-year-old Alberta resident Kevin Sarrafi and 45-year-old British Columbia resident Saba Sarrafi, are facing multiple charges related to money laundering and fraud. 

The two individuals, who owned and operated a money services business with locations in Calgary and Vancouver, are accused of defrauding several financial institutions. The alleged scheme involved more than $40 million being funneled into Canada from the United Arab Emirates through a complex web of shell companies and third-party bank accounts, the RCMP said. 

Kevin Sarrafi has been charged with 27 offences and was scheduled to appear in court in Calgary on Monday. Saba Sarrafi faces 29 charges, and a Canada-wide arrest warrant has been issued for him. 

Canex Forex Ltd. has also been charged with 29 offences.