ED raids Punjab home of Simran Preet Panesar, accused in Canada’s biggest gold heist

The Enforcement Directorate (ED) on Feb 21 conducted a raid at the residence of Simran Preet Panesar, a 32-year-old former Air Canada manager, who is wanted in Canada for his alleged involvement in the country's biggest gold heist.

Panesar is facing a nationwide warrant in Canada for his role in the April 2023 theft of 400 kg of gold — valued at over C$20 million — and over C$2.5 million in foreign currency from a secure facility at Toronto Pearson International Airport.

A team from the ED arrived at Panesar’s home in Sector 79, Mohali, on Feb 21 morning and has been questioning him, a senior ED official confirmed.

In a rare instance of investigating a transnational crime, the ED has launched a money-laundering probe to determine whether the stolen gold or its proceeds were funneled into India. Officials familiar with the matter stated that the inquiry aims to track any financial links between the heist and potential recipients in the country.

The high-profile robbery took place on April 17, 2023, when thieves used fake paperwork to gain access to an air cargo container storing gold bars and foreign currency. The cargo, which had arrived from Zurich, Switzerland, was destined for a bank in Toronto.

Soon after the flight landed, the shipment was offloaded and moved to a separate storage facility on airport grounds. However, the next day, authorities reported it missing.

Described by Peel Regional Police (PRP) as Canada's biggest gold heist, the case led to the arrest of nine individuals, including Panesar, in April 2024. Investigators suspect that Panesar and another accused, Parampal Sidhu, leveraged their positions at the Toronto Pearson warehouse facility to orchestrate the theft.

Despite extensive investigations, Canadian authorities have yet to recover the stolen gold. So far, only 90,000 CAD from the loot has been retrieved, according to media reports.

The ED’s ongoing probe signals a deepening international effort to trace the missing gold and its financial trail.