Canada's biggest gold heist: Police say one accused believed to be in India

Canada’s Peel Regional Police arrested and charged one individual on Monday in connection with Project 24K, an investigation into the theft of more than $20 million worth of gold bars, considered the largest gold heist in Canadian history.

 

In an official statement, the investigators said two suspects remain at large, with one believed to be in India. The Canadian police said that they have already submitted an extradition request to the Indian government.

Which accused is in India?

The police said that one of the accused, believed to be in India, is Simran Preet Panesar, a 33-year-old man from Brampton and a former Air Canada employee. A Canada-wide arrest warrant has been issued for Panesar. He is wanted on charges of theft over $5,000 and conspiracy to commit an indictable offence.

 

Another accused, Prasath Paramalingam, a 36-year-old man from Brampton, is the subject of a bench warrant after failing to appear in court on August 19, 2024.

 

Police have urged both men to seek legal counsel and surrender to authorities. In a statement, Peel Regional Police Chief Nishan Duraiappah said, “Let it be known: no matter where you try to run or hide, we will find you.”

Arrest at Toronto airport

On Monday, police arrested Arsalan Chaudhary, a 43-year-old man with no fixed address, at Toronto Pearson International Airport. He was taken into custody after arriving on a flight from Dubai in the United Arab Emirates.

 

Police said Chaudhary has been charged with theft over $5,000, two counts of possession of property obtained by crime, and conspiracy to commit an indictable offence. He was held for a bail hearing and appeared before the Ontario Court of Justice in Brampton.

Canada’s largest gold heist

Project 24K was launched to uncover the theft of more than $20 million worth of gold bars from Toronto Pearson International Airport in April 2023.

 

On April 17, 2023, a flight arriving from Zurich, Switzerland, carried a cargo shipment containing around 400 kilograms of .9999-pure gold, equivalent to about 6,600 bars, along with $2.5 million in foreign currency.

 

The shipment was offloaded and transported to a secure location on airport property, but was reported missing the following day. The theft triggered a complex cross-border investigation involving the Philadelphia Field Division of the US Bureau of Alcohol, Tobacco, Firearms and Explosives.

 

So far, Peel Regional Police have charged or issued warrants against 10 individuals, laying more than 21 charges in total.