A British Columbia foreign currency exchange company is facing legal action and complaints from customers who claim they are owed significant sums of money for services related to transfers between Canada and Iran. The Coquitlam RCMP is investigating the allegations made against VanEx Currency Exchange.
Several customers have lodged small claims lawsuits against the company in recent months, with additional clients asserting they are owed substantial sums of money expressing their concerns to the company’s leader in a recent meeting. VanEx president Pouria Emadi stated that the company is collaborating with the RCMP and is planning to settle all outstanding debts by July. Emadi cited operational challenges stemming from internal disputes among the company’s founders and unrest in Iran as contributing factors to the situation.
One affected customer, Sharereh Momeni, expressed feeling helpless after potentially losing $7,600 she earned working at a campground in Clearwater, BC, to repay a loan taken in Tehran to relocate to Canada. Momeni lamented her trust in the legally registered Canadian company, emphasizing the lack of response to her inquiries.
VanEx’s current predicament stems from a legal battle between its founders that led to a stalemate within the company, hampering its operations. The company’s expansion over the years, reaching revenues exceeding $1.7 million in 2023, was later overshadowed by internal disputes resulting in financial setbacks.
Customers like Masoud Ghorbani and Pouya Taatizadeh have also voiced grievances over significant sums owed to them by VanEx. Ghorbani, who facilitated a transfer of over $21,000 from Iran, claims he has only received a portion of the amount, leaving a substantial debt unresolved. Taatizadeh, a Canadian citizen, revealed that the company owes him over $67,000 from a transaction intended to transfer funds from Tehran to his father’s account in Canada.
Despite ongoing legal disputes and mounting debts, VanEx continues to operate, accepting new deposits and posting daily exchange rates. The regulatory oversight in British Columbia concerning the money services industry is still in development, leaving affected customers seeking redress through legal avenues or regulatory agencies like FINTRAC.
VanEx has initiated repayment efforts to settle outstanding customer debts, with promises of further reimbursements in the coming months. However, affected customers remain skeptical of the regulatory response and the slow progress in resolving their financial disputes.