On April 17, 2023, an Air Canada flight touched down at Toronto Pearson International Airport carrying a high-value shipment from Zurich: 400 kilograms of pure gold bars—6,600 in total—worth over $20 million, alongside $2.5 million in foreign currency. The cargo, originating from a Swiss refinery, was destined for a Toronto bank and a Vancouver currency exchange. By the following morning, it had vanished entirely, launching what investigators would come to call the largest gold theft in Canadian history.
Within hours of arrival, the shipment was secured at Air Canada’s cargo holding facility. But at 6:32 p.m. that evening, a five-ton truck pulled into the bay. Its driver presented what appeared to be a legitimate airway bill—a shipping document that authorized release of the cargo. Air Canada staff loaded the container onto the truck using a forklift. When an armored Brink’s vehicle arrived later that evening with the authentic waybill, authorities realized the previous document had been forged, a duplicate of paperwork used for a seafood shipment just one day earlier. The gold was gone.
Inside Job and Security Breach
The heist exposed critical vulnerabilities in airport cargo protocols and revealed a sophisticated criminal operation that relied on insider access. Peel Regional Police determined that the theft was orchestrated by two distinct groups: Air Canada employees who manipulated internal systems, and external operatives who coordinated the theft and subsequent distribution of the stolen goods.
Simran Preet Panesar, a 33-year-old former Air Canada manager from Brampton, is alleged to have played a pivotal role. Investigators say Panesar used his access to airline cargo systems to identify and divert the shipment. He allegedly manipulated tracking records to facilitate the physical removal of the container. Following the theft, Panesar resigned from Air Canada and disappeared. Authorities now believe he fled to India, where he was later traced to a rented residence near Chandigarh. Canada has since filed a formal extradition request with Indian authorities.
The Investigation and Network
Peel Regional Police launched Project 24K, a sprawling investigation that eventually spanned three years and multiple countries. Working alongside the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives, Canadian investigators executed 37 search warrants, logged over 28,000 regular hours and 9,500 hours of overtime, and examined more than 40 electronic devices. By July 2024, the investigation had already consumed $5.3 million in resources, with projected costs reaching $10 million.
The probe uncovered a criminal network that extended far beyond the airport. Durante King-Mclean, 27, of Brampton, was arrested in Pennsylvania after state police discovered 65 firearms in his vehicle during a traffic stop. Investigators allege the weapons were purchased with proceeds from the gold theft and were being smuggled into Canada. King-Mclean has since pleaded guilty to firearms trafficking charges in the United States and remains in custody awaiting sentencing.
Arsalan Chaudhary, 43, emerged as a central figure. According to court documents obtained by CBC’s The Fifth Estate, Chaudhary was described as “the most involved in the planning of the theft.” On the day of the heist, he exchanged calls or messages with co-conspirators 772 times. When police raided an apartment he occupied, they seized $154,000 in cash, multiple cellphones and SIM cards, and two handwritten lists detailing how $9 million in proceeds were to be allocated among participants.
Following the Gold Trail
Authorities believe the stolen gold was melted down almost immediately after the theft. During searches of a jewelry store forge, investigators recovered smelting pots, casts, and molds. Police have recovered only about one kilogram of gold, crudely fashioned into bangles, along with approximately $450,000 in cash. The remainder is believed to have been transported overseas to markets in India or Dubai, where it was melted and reintroduced into legitimate commerce, rendering it virtually untraceable.
Criminal experts have warned that full recovery is highly unlikely. Countries like India and Dubai process vast quantities of gold annually, making it nearly impossible to distinguish stolen bullion once it has been melted and recast.
Justice and Implications
On January 12, 2026, nearly three years after the theft, Chaudhary was arrested at Toronto Pearson International Airport—the same location where the heist occurred—after arriving on a flight from Dubai. He was charged with theft over $5,000, two counts of possession of property obtained by crime, and conspiracy to commit an indictable offense. He was held for a bail hearing.
To date, 10 individuals have been charged or are the subject of warrants, with more than 21 charges laid. Two suspects remain at large: Panesar, believed to be in India, and Prasath Paramalingam, 36, who failed to appear in court in August 2024 and is now the subject of a bench warrant.
Peel Regional Police Chief Nishan Duraiappah emphasized the relentless pursuit of justice. “No matter where you try to run or hide, we will find you,” he said, signaling law enforcement’s commitment to dismantling organized crime networks.
The heist has raised questions about cargo security vulnerabilities at major airports. Yet the case remains a stark reminder of how vulnerable even heavily secured facilities can be when insiders collaborate with external criminal organizations. As the investigation continues and extradition efforts proceed, the full resolution of Canada’s largest gold theft remains uncertain—a cautionary tale of ambition, betrayal, and the limits of international law enforcement.
Sources:
“Project 24K: Additional Arrest Made in $20 Million Gold Heist.” Peel Regional Police, 11 Jan 2026.
“Arrest Is Made in Toronto Airport Gold Heist as Police Seek Two Other Suspects.” The New York Times, 13 Jan 2026.
“Multiple arrests, 19 charges laid in $22.5M Pearson gold heist.” CBC News, 17 Apr 2024.
“Toronto airport: $15 million in gold and other valuables stolen in ‘rare’ cargo heist.” CNN, 20 Apr 2023.