Peel Regional Police state that a considerable amount of the gold
taken from Toronto Pearson Airport in April 2023 is likely smuggled to Dubai or India.
The theft involved
6,600 gold bars valued at $20 million and about $2.5 million in various foreign currencies stolen from an Air Canada storage facility at the airport. Authorities disclosed that a portion of the gold was melted in a jewelry store in Toronto, while the remaining part was sent overseas.
According to Det.-Sgt. Mike Mavity during a Peel Police Service Board
meeting on June 21, they believe a large chunk was taken to markets with abundant gold like Dubai or India where gold with serial numbers can still be honored and melted down. They suspect this happened shortly after the theft.
The stolen gold and money,
originating from a refinery in Zurich, Switzerland, arrived in Toronto on April 17, 2023, and were stored at an Air Canada cargo facility. A suspect loaded the cargo onto a five-tonne truck using fake documents and drove away.
Authorities have been tracking the truck through surveillance footage from businesses along its route but it disappeared in a rural Milton, Ont. area. The theft was only discovered when Brink’s Canada personnel came for the cargo, leading Brink’s to file a lawsuit against Air Canada over the stolen items.
As of April, only $89,000 of the $20 million gold has been recovered, reported Det.-Sgt. Mavity.
Charges
Police have issued warrants or laid 19 charges against nine individuals linked to the heist, including truck driver Durante King-Mclean, who is scheduled for trial in July.
Two Air Canada employees, Parmpal Sidhu and Simran Preet Panesar, are charged with theft and conspiracy. Mr. Panesar, believed to be in the UK or India, is cooperating with his lawyer for surrender, police mentioned.
Others involved are Prasath Paramalingam, Archit Grover, Ali Raza, Amit Jalota, Arsalan Chaudhary, and Ammad Chaudhary.
Except for Mr. Panesar and Mr. Arsalan Chaudhary on a Canada-wide warrant, and Mr. King-Mclean in the US, the other suspects have been granted bail due to their non-violent offenses, the police explained.
During the June 21 meeting, Brampton Mayor Patrick Brown expressed disappointment over the suspects’ release, calling it “discouraging” after the effort put in by the police. He highlighted the extensive resources dedicated to the investigation, with costs estimated by Alan Boughton, a member of the Peel Police Service Board.
At the meeting, it was also noted that firearms trafficking was involved in the 2023 heist, emphasizing the broader impact beyond just the theft of gold.
