Calgary police bust alleged money laundering operation tied to illegal steroid business
CTV
Calgary police have charged four people in connection to an alleged multi-million dollar money laundering operation tied to the illegal sale of anabolic steroids.
Calgary police have charged four people in connection to an alleged multi-million dollar money laundering operation tied to the illegal sale of anabolic steroids.
Investigators say Pareto Pharmaceuticals, an anabolic steroid business, acquired $9 million through the sale of illegal steroids over an eight-year period, which they then laundered through cryptocurrency and real estate investments.
Police began investigating the company back in 2020, but say money laundering investigations are complex and lengthy.
"This was a sophisticated money laundering operation that required extensive time, resources and collaboration with other agencies to thoroughly investigate, so that the necessary evidence could be collected and the right people held accountable," said Staff Sgt. Geoff Gawlinskin a release.
The production and sale of anabolic steroids is prohibited by the Controlled Drugs and Substances Act, and police say the other bodybuilding products sold by Pareto Pharmaceuticals were restricted by the Food and Drugs Act.
Police say the products were sold online on the websites paretopharmaceuticals.com and paretopharma.com, as well as through online sales representatives and in gym.
The investigation has led to charges against three men and one woman, the owner and operators of Pareto Pharmaceuticals.
