Hundreds report losses as North Vancouver currency exchange investigated

North Vancouver RCMP are investigating fraud allegations involving Apadana Currency Exchange after customers said money they provided for transfers between Iran and Canada was not returned or delivered.

Several customers told CTV News they had handed over large sums. One alleged victim, Saghar, said her family is owed nearly $12,000, including money intended for upcoming tuition. Others told the broadcaster they had lost $250,000 and $400,000.

Owner Hamidreza Karimi said about 350 customers have been affected. He said financial problems involving other businesses caused the situation, denied committing fraud and said he may be able to repay some customers by selling personal assets, including his yacht.

FINTRAC said Apadana is not registered as a money-services business and that the federal agency cannot recover customers’ money. Lawyer Jeffrey Simser said customers may have limited options because the business does not have the same regulatory oversight as a bank, trust company or insurer.

Court records show at least three lawsuits have been filed against the company, with claims of about $6,000 in each of two cases and nearly $35,000 in another. Police are asking anyone who believes they were affected to contact North Vancouver RCMP.