Highlights:
- Preet Panesar wanted in Canada’s largest $20M gold heist.
- Canadian police arrested another suspect, Arsalan Chaudhary, in Toronto.
- ED in India links funds to Panesar’s film and music business.
- Hawala operators traced but not yet apprehended in India and Canada.
- Peel Police label Panesar as central to the heist, “on top of the food chain.”
Canadian authorities have formally requested India to extradite Preet Panesar, one of the main suspects in the 2023 theft of gold valued at $20 million, the largest gold heist in Canadian history, according to Peel Regional Police. Panesar, 33, was last traced to a rented house in Mohali, on the outskirts of Chandigarh, Punjab, following investigations reported by The Indian Express in February 2025.
On Monday (12), Peel Police also confirmed the arrest of another key suspect, Arsalan Chaudhary, at Toronto Pearson International Airport. While Panesar remains at large, Indian authorities are working closely with Canadian officials to track the movement of funds suspected to be linked to the crime.
According to the Enforcement Directorate (ED) in India, money from the heist was allegedly routed through hawala networks, with much of it funneled into the music and film industry. Reports suggest that some funds were invested in a film featuring Panesar’s wife, Preety, an aspiring singer and actor. Evidence recovered by the ED indicates that over ₹8.5 crore (approximately $1 million) was transferred to the Panesar family accounts and then invested in their proprietorship, M/S Star Makers Entertainment.
The ED has conducted multiple searches of Panesar’s residences and filed an Enforcement Case Information Report (ECIR) in the case. Documents seized during these searches reportedly include registers of payments and electronic evidence that suggest funds were received from Canada and Dubai after the heist. Despite tracing the hawala operators through phone and message records, some remain at large.
Peel Police, under “Project 24K,” have charged or named nine suspects so far, with two still outstanding, including Panesar. Canadian authorities describe Panesar as integral to the heist, stating he “was crucial, on top of the food chain.” Reports allege that as an Air Canada employee, Panesar identified the incoming shipment of gold and manipulated the air cargo system to facilitate its removal.
Panesar’s lawyer, Damanbir Singh Sobti, has declined to comment on the extradition request or the ED’s allegations of money laundering. Meanwhile, Canadian and Indian authorities continue coordinating to link the stolen gold’s proceeds to investments in India, while pursuing outstanding suspects in the case.
The investigation highlights the complex international nature of the crime, spanning Canada, India, and Dubai, and underscores the challenges of tracing funds through informal hawala channels and cross-border financial networks.
