ED Grills Simran Preet Panesar over Canada’s biggest gold heist: 20 million dollar mystery

Toronto: The Enforcement Directorate (ED) launched a probe into the high-profile Toronto Pearson gold heist and arrived at Simran Preet Panesar’s residence in Sector 79, Mohali, on Friday morning. Officials confirmed that Panesar was being questioned in connection with the case. “Our teams are in the process of questioning him,” a senior ED officer stated. Earlier reports by The Indian Express indicated that Panesar had been residing on the outskirts of Chandigarh. The ED, known for investigating financial crimes, is now examining whether the stolen gold or its proceeds were funneled into India, making this a rare instance of an Indian agency probing a crime beyond national borders.

The $20 million gold heist at Toronto Pearson Airport

The case revolves around a daring gold heist that took place on April 17, 2023, at Toronto Pearson International Airport. Using fraudulent paperwork, perpetrators stole an air cargo container holding 6,600 bars of .9999 pure gold, weighing 400 kg and valued at over 20 million Canadian Dollars (CAD). Additionally, the stolen cargo contained foreign currency worth 2.5 million CAD. The shipment had arrived in Toronto from Zurich, Switzerland, aboard an Air Canada flight. The gold and cash were meant for a bank in Canada’s largest city. However, shortly after the cargo was offloaded and transferred to a secure storage facility, it mysteriously disappeared. A day later, authorities were alerted about the missing shipment.

Largest gold heist in Canada’s history

The Peel Regional Police (PRP) labeled the incident as the ‘biggest gold heist in Canada ever.’ A year later, in April 2024, nine individuals, including Simran Preet Panesar, were charged. Panesar and another accused, Parampal Sidhu, both resided in Brampton and worked at the Toronto Pearson warehouse facility. Despite extensive investigations, Canadian authorities have yet to recover the gold. So far, only 90,000 CAD from the stolen cargo has been retrieved. The ED’s involvement suggests a broader investigation into possible money laundering activities linked to the heist. Authorities are now working to trace the missing gold and determine whether any of it entered India’s financial system.