In the latest major development in one of the most audacious thefts in North American history, Canadian authorities have arrested a suspect connected to Canada’s Largest Gold Heist ever recorded. However, the hunt is still on for another key accused who is believed to be in India, highlighting the cross-border complexities of modern criminal investigations.
On January 12, 2026, Peel Regional Police in Ontario confirmed the arrest of 43-year-old Arsalan Chaudhary in connection with the infamous 2023 gold and currency theft at Toronto Pearson International Airport. Chaudhary was apprehended as he arrived in Toronto on a flight from Dubai, United Arab Emirates and has since been formally charged.
Canada’s Largest Gold Heist That Shocked Canada
The saga began on April 17, 2023, when a cargo shipment containing approximately 400 kilograms of .9999-pure gold — equivalent to about 6,600 gold bars worth over $20 million (Canadian) — was reported missing from a secure storage facility at Pearson Airport. The same shipment also included CA$2.5 million in foreign currency that vanished alongside the bullion.
The gold had arrived on a flight from Zurich, Switzerland, and was being handled by subcontracted cargo agents, with Peel police later describing the operation as “Canada’s largest gold heist.”
Investigators quickly determined that the theft was not the work of opportunistic thieves but rather a sophisticated, planned operation involving individuals with insider access and detailed knowledge of cargo handling protocols.
Project 24K: Arrest and Charges
The case was designated “Project 24K.” Peel Regional Police allege that Chaudhary played a central role in facilitating the theft, arranging the movement of the stolen gold and assisting in its concealment and potential sale. As part of his arrest, Canadian authorities charged him with:
- Theft over $5,000
- Possession of property obtained by crime
- Conspiracy to commit an indictable offence
Chaudhary’s arrest follows years of painstaking investigative work, and authorities say he has no fixed address, which likely contributed to his ability to evade law enforcement until now.
Evidence and Investigation Progress
Police reports and court documents indicate that only a tiny fraction of the stolen gold has been recovered so far. Investigators located about 90,000 CAD worth of gold that had allegedly been melted down into crude jewelry, along with roughly $430,000 in Canadian currency, thought to be proceeds from the theft.
Surveillance footage from 2023 showed suspects arriving at the cargo facility with a truck carrying what appeared to be legitimate paperwork, enabling them to take possession of the shipment without raising immediate suspicion.
To date, authorities have identified ten individuals connected to the theft, either through charges or active arrest warrants. While a handful of suspects have already been taken into custody, several remain free, prompting ongoing international cooperation.
The Fugitive Believed in India
Among those still at large is Simran Preet Panesar, a former Air Canada employee who allegedly helped identify and divert the valuable cargo by manipulating airline logistics systems. Canadian police have issued a nationwide warrant for Panesar — believed to be in India — and an extradition request is reportedly in motion.
Panesar, now 33, was last traced to a rented flat on the outskirts of Chandigarh, where he was living while assisting his family’s business and evading law enforcement.
According to investigative reports, Panesar may have received significant sums of money via informal transfer networks (hawala), raising questions about potential money-laundering components tied to the case. Crucially, this has prompted Indian authorities to scrutinize whether the stolen gold or its proceeds were ever moved into the Indian subcontinent.
International Law Enforcement Collaboration
The transnational nature of the investigation has seen authorities from multiple countries, including Canada, India, and the United States, working in concert. Earlier arrests in the case included individuals flying in from abroad to Canada, illustrating how fugitives involved in the heist tried to use international travel to their advantage.
In May 2024, another suspect, Archit Grover, was arrested at Pearson Airport upon landing from India. Grover, like some other accused, faces charges in both Canada and the United States related to Canada’s biggest gold heist and broader criminal activity.
Looking Ahead at Canada’s Largest Gold Heist
As Project 24K continues, law enforcement officials have underscored their commitment to bringing all suspects to justice — regardless of where they may be hiding. Peel Regional Police have urged the remaining fugitives to surrender voluntarily while international cooperation on extradition efforts intensifies.
With one major suspect now in custody and others still sought overseas, the Canada gold heist remains one of the most closely watched criminal investigations of the decade — offering stark reminders of both the audacity of modern crime rings and the challenges of cross-border justice. Well explained by the police as the country’s biggest such heist.
