A man on Monday charged and arrested from Toronto in connection with Project 24K, an investigation into the theft of more than $20 million in gold bars in 2023, the largest in Canadian history, as confirmed by Peel Police.
So far, 10 people have been charged or are being sought by investigators, with more than 21 charges laid. Two suspects are still at large, including one against whom an extradition request has been issued.
Peel Regional Police arrested 43-year-old Arsalan Chaudhary after he arrived in Toronto on a flight from Dubai. While one of the key suspects, Simran Preet Panesar, a 33-year-old Brampton man and former Air Canada employee, is believed to be in India, police said.
Arsalan Chaudhary has been charged with theft over $5,000, two counts of possession of property obtained by crime, and conspiracy to commit an indictable offence.
He was held in custody and is scheduled to appear for a bail hearing on Wednesday.
'Largest gold heist in Canadian history'
The arrest is part of the investigation into what police have described as “the largest gold heist in Canadian history,” involving gold and cash worth more than $20 million.
Seven other suspects have already been arrested in connection with the case.
Peel police chief Nishan Duraiappah said the arrest highlights the impact of international cooperation in tackling organised crime.
“Let it be known: no matter where you try to run or hide, we will find you,” Duraiappah said.
What is the case?
The heist took place on April 17, 2023, after a flight arriving from Zurich, Switzerland landed at Pearson airport. The aircraft was carrying a cargo shipment containing 400 kilograms of gold, valued at over $20 million at the time, along with about $2.5 million in foreign currency. The cargo was reported missing the following day.
Police say two groups were involved, Air Canada employees allegedly helped facilitate the theft, while a group of outsiders handled the operation outside the airport. Chaudhary is believed to be part of the latter group.
“Once the gold was removed from Air Canada cargo, he helped, we believe, facilitate the sale and get it ultimately out of Canada,” investigator Mavity said.
Allegations against Chaudhary
According to the Crown’s statement of allegations, obtained by CBC’s The Fifth Estate and not yet tested in court, Chaudhary was “the most involved in the planning of the theft.” The document also alleges he helped organise another suspect’s flight to the United States and played a role in other post-offence activities.
One suspect referred to him as the heist’s “top dog,” the document said.
Following the incident, police raided an apartment where Chaudhary had been living. They seized $154,000 in Canadian cash, multiple cellphones and SIM cards, and two handwritten lists detailing the allocation of funds toward various assets totalling $9 million.
The allegations further state that on the day of the heist, Chaudhary exchanged calls or messages with two other suspects 772 times.
Hunt continues for remaining suspects
Peel police said efforts are ongoing to arrest two remaining suspects, including Panesar.
“We actually have an extradition order that we swore to and was served on the Indian government late last year, requesting his extradition. We’re still waiting for that,” a police inspector said.
Investigators are also searching for Prasath Paramalingam, a 36-year-old Brampton man who is the subject of a bench warrant after failing to appear in court on August 19, 2024.
“We’re not entirely sure where he is, but we’re also looking for him as well,” Mavity said.
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