The exterior of 10451 Shellbridge Way in Richmond, B.C., which is the listed address of Raydwell Consulting, on July 25, 2024 Editor's note: This story is a collaboration between the Investigative Journalism Foundation and CTV News.
And documents filed in the B.C. Supreme Court claim the British Columbia Securities Commission had scrutinized Raydwell in the past for its role in incorporating"several offshore investment service companies that were being investigated by the BCSC for suspicious activity." MTFE, which purported to offer an online foreign currency trading platform, gained massive popularity in Bangladesh and Sri Lanka over the course of 2022 and 2023.The Central Bank of Sri Lanka has since described MTFE as a pyramid scheme.
Lane, who the IJF and CTV News have not been able to find, used that address in six total corporate filings for companies he incorporated in 2021, all of which purportedly offered foreign currency trading and other financial services. The IJF tried to contact those companies through phone numbers they provided to a federal agency, all of which had a British Columbia area code.He said Raydwell does provide a service wherein it allows registered companies to use its address for the purposes of incorporation and receiving mail. But he said his company had not done business with any of those companies related to the Markham address.
The society, according to court filings, also obtained translated versions of Chinese-language advertisements that showed Raydwell openly advertised"company incorporation" services. Caldera, whose organization lobbies for tighter transparency and finance rules in Canada, expressed fears that Canada has become a"haven" for such shell companies.
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