Project 24Karat: Simran Preet Panesar, key suspect in Canada’s largest gold heist, found living quietly near Chandigarh
PTC Web Desk: Simran Preet Panesar, a former Air Canada manager wanted in connection with Canada’s largest gold heist worth over $20 million, has been found living with his family on the outskirts of Chandigarh, according to an investigation by The Indian Express in collaboration with CBC News. The 32-year-old had been under the radar since fleeing Canada following the massive gold theft at Toronto’s Pearson International Airport.
Investigators traced Simran Preet Panesar to a rented house where he resides with his wife, Preety Panesar, and their children. Preety, a former Miss India Uganda, singer, and actor, is not believed to have any involvement in the heist. Panesar declined to comment on the matter, citing legal reasons, while his neighbours were reportedly informed that his financial disputes in Canada were resolved.
Canada’s largest gold heist
The gold heist took place on April 17, 2023, when a cargo shipment from Zurich, Switzerland, landed at Pearson International Airport carrying 6,600 bars of .9999% pure gold weighing 400 kg, along with foreign currency worth CA$2.5 million. The cargo was unloaded and moved to another location on airport property, but by the early hours of April 18, it was reported missing.
The Canadian authorities launched an extensive investigation, leading to the identification of two primary suspects: Simran Preet Panesar and Parampal Sidhu, both Indo-Canadians who worked at the airport’s warehouse facility. Sidhu was arrested in May 2024, but Panesar had already fled Canada by then.
Despite assisting law enforcement with a tour of the facility following the heist, Panesar was later named as a suspect for allegedly using his insider knowledge to facilitate the theft. In July 2024, his lawyer, Greg Lafontaine, stated that Panesar intended to surrender, expressing confidence in the Canadian justice system. However, Panesar has yet to return to face charges, and a Canada-wide warrant remains active against him.
Peel Regional Police (PRP) continue their investigation under "Project 24Karat," employing surveillance, interviews, and video analysis to piece together the events surrounding the heist. Official documents reveal that investigators have dedicated over 28,096 hours, including 9,500 overtime hours, to the case, which remains active. Authorities suspect that Panesar and Sidhu, leveraging their roles as insiders at the warehouse, orchestrated the sophisticated theft.
According to Detective Sergeant Mike Mavity, PRP’s lead investigator, a significant portion of the stolen gold is believed to have been smuggled into international markets known for gold trading, such as Dubai and India. These markets can legally melt down gold, even with visible serial numbers, making recovery efforts challenging.
However, authorities have made some progress. As per The Indian Express, PRP has recovered six pure gold bracelets valued at over $89,000, believed to have been crafted from the melted stolen gold. Additionally, $430,000 in cash was seized, along with smelting equipment, casts, and molds used for gold processing.
Meanwhile, Canadian authorities are intensifying efforts to extradite Panesar, given his pivotal role in one of the country's most significant gold heists.
- With inputs from agencies
