Canada moves to bring back gold heist kingpin from India

Canada has formally asked India to extradite Preet Panesar, one of the alleged masterminds of the $20-million gold heist of 2023, the biggest such robbery in Canadian history, tightening the noose around a case that now stretches from Toronto’s airport tarmac to the financial underworlds of Punjab and Dubai.

The request was confirmed in a statement issued on January 12 by Peel Regional Police, which is leading “Project 24K”, the multi-agency probe into the spectacular theft. The police also announced the arrest of another key accused, Arsalan Chaudhary, who was picked up at Toronto Pearson International Airport on the same day.

Panesar, 33, was tracked to a rented house in Mohali, on the outskirts of Chandigarh. Days later, India’s Enforcement Directorate (ED) swooped in, searched the premises and registered a money-laundering case, linking him to what it believes is a sprawling hawala network used to wash the proceeds of the gold robbery.

Hawala, films and a ₹8.5 crore money trail

ED officials said Panesar is suspected of receiving more than ₹8.5 crore through hawala channels after the heist, routed via operators based in Chandigarh and Canada, who are still at large. Investigators allege that much of this money was funnelled into the music and film industry, largely to bankroll a film featuring Panesar’s wife Preety, an aspiring singer and actor.

According to the ED, multiple entities deposited cash into accounts operated by Panesar and his wife, which was then transferred as “investment” to M/S Star Makers Entertainment, a proprietorship floated by the couple. During searches in February 2025, officials also recovered a register of payments, listing funds allegedly received in several tranches, along with electronic evidence that they say ties the money to Canada and Dubai.

Panesar has been questioned at least twice by ED teams, with officials claiming that messages on his phone point to post-heist fund flows from overseas. However, a hawala operator identified through call and message records are believed to have slipped out of the net.

When contacted about Canada’s extradition move and the ED’s allegations, Panesar’s lawyer Damanbir Singh Sobti declined to comment.

‘On top of the food chain’

Canadian investigators have left little doubt about the role they attribute to Panesar. In their January 12 statement, Peel Police said nine people have been charged or named as wanted, with two still “outstanding” — including Panesar. He faces charges of theft over $5,000 and conspiracy to commit an indictable offence.

A police report bluntly described him as “integral” to the crime: “He is crucial to this, absolutely crucial. He is on top of the food chain…”

Earlier police board documents go further, identifying Panesar as an Air Canada employee who allegedly located the incoming gold shipment, manipulated the air cargo system, and enabled the physical removal of the container from Toronto’s airport — turning an insider’s access into the pivot of a $20-million crime.

As Canada presses India to hand him over, and Indian agencies race to stitch together the financial trail, the hunt for the man accused of orchestrating one of the world’s most audacious gold heists has entered its decisive phase.