More than three years after what is believed to be the largest gold heist in Canadian history, authorities are closing in on one of the final key suspects, Simran Preet Panesar, who is reportedly in Chandigarh, India. The case involves the theft of over $20 million worth of gold, equivalent to 400 kilograms, and has been described by Peel Regional Police as “Canada’s biggest gold heist ever.”

The Heist

The incident occurred on April 17, 2023, when a flight carrying 6,600 bars of 0.9999% pure gold, totaling 400 kilograms (882 pounds), landed at Toronto Pearson International Airport from Zurich, Switzerland. The gold was offloaded and transported to a storage facility on the airport premises. However, in the early hours of April 18, authorities discovered that the entire shipment was missing.

Peel Regional Police immediately launched a complex, cross-border investigation, collaborating with international agencies, including the Philadelphia Field Division of the Bureau of Alcohol, Tobacco, Firearms and Explosives. Investigators described the theft as highly sophisticated, involving insider access and careful planning.

Investigating the Suspects

Nine individuals have been charged or named in connection with the heist, including Simran Preet Panesar. Seven of them have already been arrested, while two, including Panesar, remain at large. Earlier this month, another key suspect, 43-year-old Arsalan Chaudhary, was apprehended at Toronto Pearson Airport after arriving from Dubai.

Authorities allege that Panesar, a 32-year-old former manager at Air Canada, played a pivotal role in the theft. He and co-accused Parampal Sidhu, who both worked at Toronto Pearson’s warehouse facility in Brampton, are suspected of tracking the gold shipment and having access to the storage facility. Reports indicate that Panesar even assisted police during the investigation by giving a tour of the facility. Sidhu was arrested in May 2024, while Panesar reportedly fled to India following the heist.

The Chandigarh Connection

Canadian authorities traced Panesar to Chandigarh in February 2025. He was reportedly living quietly with his family in the outskirts of the city, alongside his wife Preety Panesar, a former Miss India Uganda, singer, and actor. Shortly after his location was confirmed, the Enforcement Directorate (ED), India’s central agency for financial crimes, raided Panesar’s Mohali residence and questioned him. A case was registered under the Prevention of Money Laundering Act (PMLA) in connection with suspected proceeds from the gold heist.

The Canadian authorities have now formally requested India to extradite Panesar. He faces charges of Theft Over $5,000 and Conspiracy to Commit an Indictable Offence.

Fate of the Stolen Gold

Detective Sergeant Mike Mavity, the lead investigator from Peel Police, has stated that a significant portion of the stolen gold may have ended up overseas, potentially in India or Dubai, and may never be recovered. Authorities believe that the gold was quickly melted down or sold in international markets.

Investigators also allege that Panesar transferred some proceeds from the gold heist to India using hawala channels, including routes linked to the entertainment industry. ED officials have suggested that some of the funds may have been used to finance a film production involving his wife Preety Panesar, with over ₹8.5 crore reportedly routed through such channels.

Cross-Border Legal and Diplomatic Steps

The ongoing case illustrates the challenges of cross-border financial crimes. Canadian authorities are coordinating closely with Indian agencies to ensure Panesar’s arrest and potential extradition. The case involves multiple legal frameworks, including Canadian criminal law and India’s PMLA provisions, highlighting the complexity of pursuing suspects who cross international boundaries.

The arrest of Chaudhary in January 2026 has renewed attention on the case, with Peel Police noting that of the nine individuals charged or wanted, two remain absconding, including Panesar. More than 21 charges have been laid across the accused, encompassing theft, conspiracy, and related offences.

Implications

The heist has significant implications for aviation and cargo security. Authorities have noted that the theft involved insider access, highlighting vulnerabilities in cargo handling at major airports. The case has prompted Canadian airport authorities and airlines to review security protocols for high-value shipments, particularly gold and other precious commodities.

For India, the case also underscores the challenges of tracking financial flows across borders, particularly through informal channels like hawala. The ED’s involvement aims to ensure that proceeds of the crime cannot be safely integrated into domestic financial systems.

Public and Media Attention

The heist captured international attention not only for the sheer value of the gold stolen but also for the sophistication and alleged insider involvement. Media outlets have extensively covered the case, including the tracing of Panesar to Chandigarh and the links to film industry transactions.

The family connection and quiet lifestyle of Panesar in India, combined with the ongoing extradition request, have made the case a focal point for discussions about international collaboration on crime and financial law enforcement.

Next Steps

The Canadian authorities are now awaiting action from India regarding the extradition of Panesar. The process could involve legal proceedings in India’s courts, scrutiny under Indian extradition law, and cooperation between the Canadian High Commission and the Indian Ministry of External Affairs.

Meanwhile, investigations into the whereabouts of the 400 kg of stolen gold continue, with authorities seeking leads on whether any portion remains in international markets or has already been laundered and melted.

Conclusion

Three years after Canada’s largest gold heist, the investigation is nearing a critical stage with the potential arrest and extradition of Simran Preet Panesar. The case, involving 400 kilograms of gold and cross-border financial transfers, highlights the challenges of international crime, aviation security, and law enforcement cooperation. As authorities on both sides of the globe prepare for the next steps, the outcome will be closely watched by both legal experts and the public, offering insights into the handling of high-value, transnational criminal cases.

The story remains a reminder of the complexities of modern crime, where theft, financial maneuvering, and international borders intersect, and where law enforcement agencies must coordinate meticulously to ensure justice.