The Enforcement Directorate (ED) on Friday morning conducted a raid at the residence of Simran Preet Panesar, a former Air Canada manager accused in Canada’s largest gold heist, as part of a money-laundering investigation.
Panesar, 32, is wanted under a Canada-wide warrant for his alleged role in the April 2023 robbery at Toronto Pearson International Airport. His residence in Sector 79, Mohali, Punjab, was searched by an ED team on Friday morning.
“Our teams are in the process of questioning him,” a senior ED officer said.
According to reports, Panesar had been residing on the outskirts of Chandigarh.
The ED, which primarily investigates financial crimes within India’s territorial boundaries, has launched an inquiry into possible money laundering linked to the stolen gold.
Officers aware of the matter indicated that the investigation aims to determine whether the stolen gold or its proceeds have found their way into India.
The Toronto Pearson gold heist
On 17 April 2023, a cargo container carrying gold bars was stolen from a secure storage facility at Toronto Pearson International Airport using fake documentation.
Also read: Largest gold ‘Heist’ in Canadian history, cops dub it Netflix worthy
The stolen consignment comprised 6,600 bars of .9999 pure gold, weighing approximately 400 kg and valued at over 20 million Canadian dollars (CAD). In addition to the gold, foreign currency worth 2.5 million CAD was also stolen.
The shipment had arrived in Toronto from Zurich, Switzerland, aboard an Air Canada flight and was intended for a bank in Canada’s largest city.
After the cargo was offloaded, it was moved to another location on airport premises. However, a day later, it was reported ‘missing’ to law enforcement authorities.
The Peel Regional Police (PRP), which described the crime as Canada’s ‘biggest gold heist,’ charged nine individuals in April 2024, including Panesar. An arrest warrant was issued against him.
Another accused, Parampal Sidhu, also an employee at Toronto Pearson’s warehouse, is facing similar charges.
Despite ongoing investigations, Canadian authorities have yet to recover the stolen gold. To date, only 90,000 CAD from the stolen cargo has been retrieved by the PRP.
The ED’s probe into Panesar’s activities is being closely monitored, with investigators seeking to establish whether any of the stolen assets or their proceeds have been transferred to India.
The case continues to unfold.
Also read: Simran Preet Panesar, Canada gold heist suspect, found in India
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