Nearly three years after what is believed to be the largest gold heist in Canadian history, authorities say they are closing in on the final key suspect in the case.
Canadian investigators have formally requested India to extradite Simran Preet Panesar, a former Air Canada manager accused of playing a central role in the theft of gold worth more than $20 million.
Panesar, 32, is currently believed to be residing on the outskirts of Chandigarh, thousands of kilometres away from Canada. His whereabouts became known to Canadian authorities in February 2025, according to The Indian Express. Shortly thereafter, India’s Enforcement Directorate (ED) raided his residence in Mohali, questioned him, and registered a case under the Prevention of Money Laundering Act (PMLA).
The extradition move follows a fresh development in the investigation. On January 12, Peel Regional Police arrested Arsalan Chaudhary (43) at Toronto Pearson International Airport after he arrived from Dubai. With this arrest, police say most of the accused in the case are now in custody.
How the Heist Unfolded
The audacious theft occurred in April 2023. On April 17, a flight from Zurich, Switzerland, landed at Toronto Pearson International Airport carrying 6,600 bars of .9999-purity gold, weighing a total of 400 kilograms (882 pounds).
After landing, the cargo was offloaded and transported to a secure location on airport property. However, in the early hours of April 18, the gold was discovered missing. Peel Regional Police later described the incident as “the biggest gold heist in Canada ever.”
A complex cross-border investigation was launched, involving multiple agencies, including the Philadelphia Field Division of the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).
To date, nine individuals have been charged or are wanted in connection with the theft, with more than 21 criminal charges laid. Seven suspects have been arrested so far.
Panesar’s Alleged Role
According to investigators, Simran Preet Panesar and co-accused Parampal Sidhu lived in Brampton and worked at a warehouse facility at Toronto Pearson Airport. Authorities believe Panesar had access to sensitive cargo information, tracked the flight carrying the gold, and had entry to the storage facility where the cargo was held.
Police say Panesar even gave investigators a tour of the facility during the early stages of the probe. Sidhu was arrested in May 2024.
Following the heist, Panesar allegedly fled Canada and relocated to India. He is reported to be living with his wife, Preety Panesar, a former Miss India Uganda, singer, and actor.
Where Did the Gold Go?
Investigators believe the stolen gold may never be recovered. Peel Regional Police lead investigator Detective Sergeant Mike Mavity said in July 2024 that much of the gold was likely moved overseas shortly after the theft.
“We believe a large portion has gone overseas to markets that are flush with gold,” Mavity said, naming India and Dubai as likely destinations. He added that the gold may have been melted down soon after, despite identifiable serial numbers.
According to the ED, Panesar allegedly transferred the proceeds of the heist to India through hawala transactions. Officials claim the funds were routed through various channels, including the music and film industry, allegedly to finance a movie project involving his wife. ED officials estimate that Panesar received over ₹8.5 crore through these channels.
Latest Developments
With Chaudhary’s arrest earlier this month, Peel Police say two suspects remain absconding, including Panesar, who is now the subject of an extradition request.
“To date, nine individuals have been charged or are wanted,” Peel Police said in a statement. “Two individuals remain outstanding, including one subject to an extradition request.”
Panesar is wanted in Canada on charges including Theft Over $5,000 and Conspiracy to Commit an Indictable Offence. Canadian authorities are now awaiting India’s response to the extradition request as the high-profile case moves into its final phase.
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