Who is Preet Panesar, the key suspect in Canada's $20 million gold heist

Canadian authorities described Panesar, 33, as one of two remaining "outstanding" suspects in a case involving the theft of more than $20 million worth of gold from Canada's busiest airport in 2023

Preet Panesar, a former Air Canada employee now believed to be in India, has emerged as a central figure in Canada’s largest gold theft case, with authorities seeking his extradition over the 2023 heist valued at $20 million.

 

Canadian authorities have sought the extradition of Panesar, according to a January 12 release issued by Peel Regional Police.The development comes after the arrest of another key suspect, Arsalan Chaudhary, at Toronto Pearson International Airport on the same day.

 

Peel Police described Panesar, 33, as one of two remaining “outstanding” suspects in what they call Project 24K, an investigation into the theft of more than $20 million worth of gold from Canada’s busiest airport.

 

Role alleged by Canadian investigators

In its statement, Peel Police said Panesar is wanted on charges of theft over $5,000 and conspiracy to commit an indictable offence. A Canada-wide arrest warrant has been issued, and an extradition request has been submitted, with investigators saying he is believed to be in India.

 

Canadian police have described Panesar’s role as critical. An investigation report said he “was integral (to the heist). He is crucial to this, absolutely crucial. He is on top of the food chain.”

 

Earlier police board documents alleged that Panesar “facilitated” the theft. Investigators described him as an Air Canada employee who identified the incoming shipment and manipulated the air cargo system to enable the physical removal of the container carrying the gold.

The heist and Project 24K

The theft dates back to April 2023, when a flight from Zurich landed at Toronto Pearson Airport carrying around 400 kg of .9999-pure gold, about 6,600 bars, along with $2.5 million in foreign currency. The cargo went missing after being moved to a holding area on airport property.

 

Peel Police said nine individuals have so far been charged or named as wanted in the case, with more than 21 charges laid. Apart from Panesar, another suspect remains outstanding.

Traced to India, probed by ED

Panesar first came under Indian agencies’ radar after The Indian Express reported in February last year that he was living in a rented house in Mohali, on the outskirts of Chandigarh. Soon after, the Enforcement Directorate (ED) carried out searches at the premises and registered a case.

 

However, another report by The Indian Express said ED officials have not yet received a formal communication on the extradition request but confirmed they remain in touch with Canadian authorities.

 

Their probe focuses on linking alleged hawala funds received by Panesar in India to the proceeds of the gold heist, the report said.

Alleged hawala trail and film funding

Citing ED officials, the report said documentary and electronic evidence indicates that Panesar allegedly received more than ₹8.5 crore through hawala channels after the theft.

 

The funds were allegedly routed via multiple entities, including those linked to the music industry, largely for the production of a film featuring Panesar’s wife, Preety, an aspiring singer and actor, it said.

 

Reacting to the media reports, the ED conducted search operations at the sites in question. During searches conducted on February 21–22 last year, a register listing payments received in multiple tranches was recovered. The suspected hawala operators, believed to be based in Chandigarh and Canada, remain untraced, The Indian Express reported.

 

ED teams have questioned Panesar on at least two occasions, the Indian Express report said, adding that messages recovered from his phone allegedly point to the receipt of funds from Canada and Dubai after the heist.