Dozens of distraught customers gathered outside a North Vancouver currency exchange storefront, demanding answers after millions of dollars in transfers were frozen.
Apadana Currency Exchange, located on Marine Drive in North Vancouver, owes between $4 million and $5 million to hundreds of clients, according to affected customers who gathered at the business seeking explanations from owner Hamidreza Karimi.
The money service business, which primarily serves members of the local Iranian-Canadian community transferring funds between Canada and Iran, has left clients facing severe financial distress.
Many customers reported transferring life savings, home sale proceeds or funds meant for critical medical care and real estate purchases.
Affected clients gathered outside the store to confront Karimi directly as concerns grew over whether the money would ever be recovered. Several patrons said their transactions had been pending for weeks or months without resolution.
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Regulatory gap limits options for clients
Unlike traditional banks or credit unions, money services businesses in British Columbia operate under a framework that leaves customers with limited regulatory protection when funds go missing.
While money transfer businesses must register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to comply with anti-money laundering regulations, FINTRAC does not guarantee consumer funds, insure deposits or resolve commercial disputes between businesses and clients.
Experts note that because money services businesses are largely unregulated regarding consumer deposit protection, clients faced with frozen funds often have few immediate legal or financial remedies outside of civil litigation or police complaints.
Local authorities have been made aware of the situation as customers continue seeking legal counsel and answers regarding the missing funds.
Community rallies as investigation continues
For the Iranian-Canadian community in North Vancouver, the disruption extends far beyond financial loss, threatening family support networks and international commitments reliant on those transfers.
As customers monitor developments outside the Marine Drive storefront, local advocates and community members continue organizing to assist affected families while pressing local authorities and regulators for a swift resolution to recover the missing funds.
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Leslie Kennedy served as an editor at Thomson Reuters and for Star Media Group, followed by a number of years as a writer and editor and content manager in marketing communications, before returning to her editorial roots. She is a graduate of Humber College’s post-graduate journalism program and has been a professional writer and editor ever since.
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