Peel Regional Police have made a significant arrest in Canada's largest gold heist case. They charged and arrested a man from Toronto on Monday. This arrest connects to Project 24K, an investigation into the theft of more than $20 million in gold bars in 2023.
Arrest Details and Charges
Police arrested 43-year-old Arsalan Chaudhary after he arrived in Toronto on a flight from Dubai. Authorities held him in custody. He faces a bail hearing scheduled for Wednesday.
Chaudhary received charges of theft over $5,000. He also faces two counts of possession of property obtained by crime. Additionally, police charged him with conspiracy to commit an indictable offence.
The Heist and Investigation
The gold heist occurred on April 17, 2023. A flight from Zurich, Switzerland landed at Pearson airport. The aircraft carried a cargo shipment containing 400 kilograms of gold. This gold was valued at over $20 million at the time. The shipment also included about $2.5 million in foreign currency. The cargo went missing the following day.
Police describe this as the largest gold heist in Canadian history. The total value of stolen gold and cash exceeds $20 million. So far, investigators have charged or sought 10 people in connection with the case. They have laid more than 21 charges. Seven other suspects have already been arrested.
Chaudhary's Alleged Role
According to the Crown's statement of allegations, Chaudhary played a key role. The document, obtained by CBC's The Fifth Estate, claims he was "the most involved in the planning of the theft." These allegations have not yet been tested in court.
The document further alleges he helped organize another suspect's flight to the United States. He also played a role in other post-offence activities. One suspect reportedly referred to him as the heist's "top dog."
Police raided an apartment where Chaudhary had been living after the incident. They seized $154,000 in Canadian cash. Officers also found multiple cellphones and SIM cards. Two handwritten lists detailed the allocation of funds toward various assets totalling $9 million.
Investigators say Chaudhary exchanged calls or messages with two other suspects 772 times on the day of the heist.
Police Statement and Cooperation
Peel police chief Nishan Duraiappah commented on the arrest. He said it highlights the impact of international cooperation in tackling organized crime. "Let it be known: no matter where you try to run or hide, we will find you," Duraiappah stated.
Remaining Suspects at Large
Two suspects remain at large in this case. Police continue their hunt for these individuals.
One key suspect is Simran Preet Panesar. He is a 33-year-old Brampton man and former Air Canada employee. Police believe he is currently in India. Authorities have issued an extradition request for him. "We actually have an extradition order that we swore to and was served on the Indian government late last year, requesting his extradition. We're still waiting for that," a police inspector explained.
Investigators are also searching for Prasath Paramalingam. He is a 36-year-old Brampton man. A bench warrant exists for his arrest after he failed to appear in court on August 19, 2024. "We're not entirely sure where he is, but we're also looking for him as well," investigator Mavity said.
Case Background and Groups Involved
Police say two groups were involved in the heist. Air Canada employees allegedly helped facilitate the theft inside the airport. A group of outsiders handled the operation outside the airport. Chaudhary is believed to be part of the latter group.
"Once the gold was removed from Air Canada cargo, he helped, we believe, facilitate the sale and get it ultimately out of Canada," investigator Mavity explained.
