Three years after what was believed to the biggest gold heist in Canadian history, the police is finally close to the key suspect in the case. After arresting another accused in the case, the authorities are now close to the final accused Preet Panesar, who remains thousands of miles away in Chandigarh.
32-year-old Panesar, a former Air Canada manager, is wanted for his alleged role in Canada's biggest gold heist of over $20 million.
The whereabouts of Simran Preet Panesar was known to the Canadian authorities in February 2025, after he was found living quietly with his family on the outskirts of Chandigarh, according to The Indian Express. Days later, on February 21, the Enforcement Directorate (ED), India's central agency which probes financial crimes, raided the Panesar's Mohali house and questioned him. A case was also registered against him under Prevention of Money Laundering Act (PMLA).
Also Read: Canada arrests man in its largest gold heist case; ‘believes’ another is in India
Now, Canada has made a formal request for India to extradite Panesar. The latest action in the comes after the Peel Police, which is involved in the gold heist probe, arrested another key suspect, Arsalan Chaudhary, at the Toronto Pearson International Airport on January 12.
How the biggest gold heist unfolded?
{{/usCountry}}Now, Canada has made a formal request for India to extradite Panesar. The latest action in the comes after the Peel Police, which is involved in the gold heist probe, arrested another key suspect, Arsalan Chaudhary, at the Toronto Pearson International Airport on January 12.
How the biggest gold heist unfolded?
{{/usCountry}}On April 17, 2023, a flight took off from Zurich in Switzerland and landed at Pearson International Airport in Toronto, carrying 6,600 bars of .9999 per cent pure gold, each weighing a total of 400 kg (882 pounds).
Shortly after landing, the cargo was offloaded from the plane and transported to another location on the airport property. However, a day later, in the wee hours of April 18, the cargo was reported missing, Peel Regional Police said in a statement.
The police launched a "complex, cross-border investigation", which involved collaboration with the Philadelphia Field Division of the Bureau of Alcohol, Tobacco, Firearms and Explosives.
The Peel Regional Police (PRP), which described the theft as the ‘biggest gold heist in Canada ever', charged nine individuals, including Simran Preet Panesar, in connection with the theft. Meanwhile, seven people have been arrested in the case so far.
How was Simran Preet Panesar involved?
Simran Preet Panesar, and co-accused Parampal Sidhu, lived in Brampton, worked at Toronto Pearson's warehouse facility. The two have been suspected of involvement in the theft of 400 kg-gold.
According to Canadian authorities, Panesar might have tracked the flight carrying gold and had access to the storage facility. He is also reported to have given police a tour of the facility during the investigation. Sidhu was arrested in May 2024.
After the heist, Panesar fled to India and was traced a year later to have been living quietly on the outskirts of Chandigarh, with his wife, Preety Panesar, a former Miss India Uganda, a singer and an actor.
What happened with 400-kg gold?
Peel Regional Police lead investigator Detective Sergeant Mike Mavity said that the stolen gold may have ended up overseas, in places like India or Dubai and may not be recovered.
“We believe a large portion has gone overseas to markets that are flush with gold,” Mavity said in July 2024, over a year after the heist.
“That would be Dubai, or India, where you can take gold with serial numbers on it and they will still honour it and melt it down…and we believe that happened very shortly after the incident,” according to a report in the outlet CBC News.
The ED official have said that Panesar allegedly transferred the proceeds of gold heist to India using hawala transactions. The agency said that the money was allegedly routed through channels like the music industry, mostly for the production of a film featuring Panesar’s wife Preety, according to The Indian Express. The report, quoting ED officials, further claimed that Panesar allegedly received over ₹8.5 crore via hawala channels.
Latest in the case
On January 12, the Canadian police arrested Arsalan Chaudhary, 43, at Toronto Pearson International Airport after he flew in from Dubai.
The Peel Police have said that nine individuals have been charged or are wanted, while two, including Panesar remained absconding.
"To date, 9 individuals have been charged or are wanted, with more than 21 charges laid. Two individuals remain outstanding, including one subject to an extradition request," the Peel Police statement said.
Meanwhile, an extradition request has been submitted by the Canadian authorities to India for Panesar, who is wanted on charges of Theft Over $5,000 and Conspiracy to Commit an Indictable Offence.