In a significant development, the Enforcement Directorate (ED) conducted a raid on the Mohali residence of 32-year-old Simran Preet Panesar, a former Air Canada manager implicated in Canada’s largest gold heist. The heist, which occurred in April 2023 at Toronto Pearson International Airport, involved the theft of 400 kilograms of gold valued at over 20 million Canadian dollars (approximately Rs.122 crore) and an additional 2.5 million Canadian dollars in foreign currency.
Details of the Heist
On April 17, 2023, a cargo container containing 6,600 gold bars and foreign currency arrived at Toronto Pearson International Airport from Zurich, Switzerland. The shipment was intended for a bank in Toronto. Shortly after its arrival, individuals using forged documentation managed to secure the release of the container from an Air Canada holding facility. The theft was reported to authorities the following day when the cargo was discovered missing.
Investigation and Arrests
The Peel Regional Police, in collaboration with the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), launched “Project 24K” to investigate the heist. By April 2024, the investigation led to 19 charges against nine individuals, including Panesar. Authorities allege that Panesar, along with other insiders, facilitated the theft by providing access and necessary documentation. Despite these arrests, the majority of the stolen gold remains unrecovered, with suspicions that it may have been melted down and sold in international markets.
ED’s Involvement in India
Recent reports indicated that Panesar had fled to India and was residing in Chandigarh. In response, the ED initiated a money-laundering probe, focusing on tracing any proceeds from the heist that may have entered India. The raid on Panesar’s Mohali residence aimed to uncover financial trails and gather evidence related to the laundering of the stolen assets.
International Implications
This case underscores the challenges of cross-border financial crimes and the necessity for international cooperation. The ED’s proactive measures highlight India’s commitment to assisting global law enforcement agencies in addressing complex financial crimes that transcend national boundaries.
