COURTKUTCHEHRY SPECIAL ON HOW PROBE INTO CANADA’s BIGGEST GOLD THEFT HAS REACHED INDIA
Canada’s $20 Million Gold Heist: India Probes Preet Panesar as Extradition Request Lands in New Delhi
Inside Project 24K – Canada’s Largest Gold Theft
Indian Agencies Trace Links of Key Accused
By Our Legal Reporter
New Delhi: January 15, 2026:
In April 2023, Canada witnessed its largest gold heist in history when nearly 400 kilograms of pure gold bars and $2.5 million in foreign currency vanished from Toronto’s Pearson International Airport. The theft, valued at $20 million (₹166 crore approx.), shocked the global aviation and cargo industry. Nearly three years later, the case has taken a diplomatic turn: Canada has formally requested India to extradite Simran Preet Panesar, a former Air Canada employee accused of orchestrating the heist.
Also Read: GST Recovery from Deceased Persons: Courts Clarify Liability of Legal Heirs
The case, dubbed Project 24K, has exposed deep flaws in airport security, revealed international criminal networks, and now involves Indian agencies investigating Panesar’s financial and family links in Punjab.
The Heist: How $20 Million Worth of Gold Disappeared
- Date & Location: April 17, 2023, Toronto Pearson International Airport.
- Cargo Details: A high-value shipment containing 6,600 gold bars (400 kg) and foreign currency was offloaded from a plane arriving from Zurich.
- The Theft: Within hours, the cargo was diverted using forged documents and insider access.
- Discovery: The theft was detected only after the intended recipient reported non-delivery.
Canadian police described the operation as “sophisticated” and “planned with insider knowledge.”
Investigation in Canada – Project 24K
Also Read: Bombay High Court Quashes GST Demand on Leasehold Assignment, Rules It Is Not a Supply of Service
- Peel Regional Police: Launched Project 24K, a multi-agency probe into the theft.
- Arrests: At least nine suspects have been charged, including logistics workers and alleged gang members.
- Key Accused:
- Simran Preet Panesar (33): Former Air Canada employee, accused of orchestrating the theft.
- Arsalan Chaudhary (43): Arrested in Toronto after flying in from Dubai.
- Charges: Theft over $5,000, conspiracy to commit indictable offence, and breach of trust.
- Evidence: Police allege Panesar used his insider role to manipulate cargo handling and documentation.
Despite arrests, most of the stolen gold remains unrecovered, raising fears of its circulation in international black markets.
Indian Links and Probe
- Panesar’s Background: Originally from Punjab, Panesar moved to Canada and worked with Air Canada. After the heist, he allegedly fled to India.
- Extradition Request: In January 2026, Canada formally asked India to extradite Panesar. The request is being reviewed by the Ministry of External Affairs (MEA) and Ministry of Home Affairs (MHA).
- Enforcement Directorate (ED): Conducted searches in Punjab, probing Panesar’s financial transactions and possible laundering of stolen gold proceeds.
- Local Networks: Investigators suspect Panesar may have used relatives and associates in Punjab to hide or move funds.
Diplomatic Angle
The extradition request highlights growing cooperation between India and Canada on criminal investigations despite strained political ties.
Also Read: Allahabad High Court: Banks Cannot Cut Fixed Deposit Interest Rates Once Booked
- Legal Process: India will examine Canada’s request under the Extradition Treaty of 1987.
- Challenges: Extradition cases often face delays due to legal appeals and human rights considerations.
- Significance: If Panesar is extradited, it will mark one of the most high-profile criminal handovers between the two nations.
Impact of the Heist
- Security Concerns: The theft exposed vulnerabilities in airport cargo handling.
- Insurance & Trade: Raised alarms in the global bullion trade and insurance sector.
- Public Interest: The case has drawn comparisons to Hollywood-style heists, capturing public imagination.
Lessons for India
India, one of the world’s largest gold markets, can draw lessons from the case:
- Strengthening Cargo Security: Airports must tighten protocols for high-value shipments.
- Tracking Gold Laundering: Agencies like ED and Customs need better monitoring of gold inflows.
- International Cooperation: Faster extradition and intelligence sharing are crucial in transnational crimes.
Also Read: Share Valuation Must Follow Rule 11UA: Courts Stress Compliance in Isolated Transactions
Conclusion
The $20 million Toronto gold heist is more than a sensational crime—it is a test of international law enforcement cooperation. With Canada formally requesting India to extradite Simran Preet Panesar, the case now straddles two continents. For India, the probe into Panesar’s links in Punjab is critical, not only to assist Canada but also to prevent the laundering of stolen gold into its vast bullion market.
The outcome of this extradition request will determine whether justice is served in one of the most audacious gold thefts in modern history.
Suggested Keywords (SEO + ChatGPT Optimization)
- Canada $20 million gold heist
- Toronto Pearson Airport gold theft
- Project 24K investigation Canada
- Simran Preet Panesar extradition India
- Air Canada employee gold heist
- Peel Regional Police gold case
- Enforcement Directorate probe Punjab gold links
- India Canada extradition treaty 1987
- Largest gold theft Canada 2023
- International gold smuggling investigation
Also Read: ED Seizes ₹585 Crore Land in Builder Fraud: Thousands of Homebuyers Cheated in Haryana, UP