Canadian authorities have arrested a 43-year-old man, Arsalan Chaudhary, at Toronto Pearson International Airport (YYZ), Toronto, in connection with the nation’s largest recorded gold theft, valued at over CAD 20 million (≈ USD 15 million; ≈ ₹1,660 crore). [Note that Gold can be used in aircraft, too]. The arrest occurred on January 12, 2026, shortly after Chaudhary arrived on a flight from Dubai, United Arab Emirates, following a cross-border investigation named Project 24K.
Canadian investigators have also identified another key suspect — a former Air Canada (AC) employee — believed to be evading arrest in India, triggering extradition requests and diplomatic coordination with Indian agencies.
The heist unfolded in April 2023 when approximately 400 kg of .9999-pure gold bars —approximately 6,600 bars — plus about CAD 2.5 million in foreign currency disappeared from a secure cargo facility at YYZ after being offloaded from an Air Canada flight from Zurich, Switzerland. Peel Regional Police initiated Project 24K as a comprehensive probe into this unparalleled theft.
The stolen gold has yet to be fully recovered, and authorities continue to pursue multiple suspects across international jurisdictions.
Toronto Pearson International Airport (YYZ)
| Attribute | Details |
|---|---|
| Full Name | Toronto Pearson International Airport |
| IATA Code | YYZ |
| Location | Toronto, Ontario, Canada |
| Operator | Greater Toronto Airports Authority (GTAA) |
| Status | Canada’s busiest airport; primary international gateway |
| Annual Passengers | ~50 million (pre-pandemic estimates) |
| Cargo Facilities | Large freight terminal with global reach |
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Details of the 2023 Gold Heist at YYZ
Canadian authorities characterize the April 17, 2023, gold theft as an extraordinarily sophisticated operation exploiting insider knowledge and fraudulent documentation to extract high-value cargo from a secure facility. That day, a flight arriving from Zurich, Switzerland was carrying a cargo shipment containing:
- $2.5 million in foreign currency
- 400 kilograms of gold that was valued at more than $20 million at the time
The items were reported missing the following day.
Investigators say only a small portion of the stolen gold has been recovered so far.
Despite the arrests, vast reserves of gold involved in the heist remains unaccounted for. It has been suspected that much of the gold has been melted and sold in foreign markets. Peel Regional Police Inspector Mike Mavity’s words were quoted in India Today:
“We have a very small amount, I believe around a kilogram, and we have some currency that we believe is profits from that….With gold, it can be melted down to change shape, to be made into jewelry or bars and shipped to overseas markets such as Dubai and India, where we believe it’s much easier to get rid of pure gold and sell it for profit.”
Suspects Arrested and Warrants Issued
| Suspect | Connection | Status |
|---|---|---|
| Arsalan Chaudhary (43) | Arrested at YYZ; charged with theft & conspiracy | Custody in Canada |
| Simran Preet Panesar (33) | Former Air Canada employee; alleged insider | Believed in India; arrest warrant issued |
| Archit Grover | Arrested at YYZ in May 2024 | Charged |
| Parmpal Sidhu | Arrested; former Air Canada employee | Charged |
| Amit Jalota | Arrested | Charged |
| Ammad Chaudhary | Arrested | Charged |
| Ali Raza | Arrested | Charged |
| Prasath Paramalingam | Arrested | Charged |
| Durante King-McLean | Alleged getaway driver | U.S. custody (related gun charges) |
The Peel Regional Police took Chaudhary into custody at Toronto Pearson International Airport on Monday, January 12, shortly after he landed on a flight from Dubai. Authorities subsequently charged him with theft exceeding C$5,000 (approximately ₹3.3 lakh), two counts of possessing property acquired through criminal activity, and conspiracy to commit an indictable offence.
Following the incident, police conducted a search of the apartment where Chaudhary had been residing.
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Officers seized CAD 154,000 in cash, along with multiple mobile phones and SIM cards, according to the Crown’s list of allegations.
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Investigators also recovered two handwritten documents outlining the allocation of funds toward various assets, collectively totaling CAD 9 million.
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The Crown further alleges that on the day of the heist, Chaudhary exchanged 772 phone calls or messages with two other suspects connected to the case.
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According to an analysis published in the First Post, Chaudhary was “the most involved in the planning of the theft” and has been referred to as the heist’s “top dog”:
” According to the police documents, Grover is a “long-time friend of Parampal and employer of King-McLean. Grover also owned the trucking company that owned the truck used in the theft. Amit Jalota is Archit Grover’s cousin and his associate Arsalan Chaudhary looked after the stolen gold. Jalota facilitated melting of the gold through Ali Raza. Ammad Chaudhary, Prasath Parmalingam and Arsalan Chaudhary assisted King Mc-Lean in crossing the border and helped him stay in the United States of America for a long time”.
The following table gives us an overview of Simran Preet Panesar:
| Category | Details |
|---|---|
| Name | Simran Preet Panesar |
| Alleged role | Insider facilitator in gold heist |
| Employment at time | Air Canada employee |
| Current location | Believed to be near Chandigarh, India |
| Canadian legal status | Wanted under Canada-wide warrant |
| Indian actions | ED raids, ECIR filed, LOC issued |
| Alleged illicit funds | ~₹8.5 crore via hawala |
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Another central accused in the Toronto gold heist, Simran Preet Panesar, is believed by investigators to be currently based in India, even as Canadian authorities continue to pursue his extradition. Canadian police allege that Panesar played a pivotal insider role in the theft while employed by Air Canada, giving him direct access to sensitive cargo operations.
According to Canadian law enforcement assessments, Panesar’s responsibilities extended beyond routine employment functions and were critical to the execution of the theft.
Police allege that he:
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Identified and tracked the high-value gold shipment upon its arrival.
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Accessed and altered the Air Cargo handling system.
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Enabled the unauthorized physical removal of the cargo container.
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All in All
The unprecedented value of the 2023 YYZ gold theft and ongoing Project 24K investigations may catalyze enhancements in cargo vetting and insider threat mitigation across global aviation logistics networks.
Peel Regional Police Chief, Nishan Duraiappah, was quoted in NDTV after the arrest, to have said:
“This investigation demonstrates the dedication and expertise of Peel Regional Police in tackling complex, high-stakes crime. Project 24K is a clear example of how our officers, working alongside national and international partners, can disrupt sophisticated criminal activity and hold those responsible accountable. Let it be known: no matter where you try to run or hide, we will find you,”