Majority of Toronto Airport $20 Million Stolen Gold Likely in Dubai or India, Police Say

by EditorK

A worker polishes gold bullion bars at the ABC Refinery in Sydney, Australia, on Aug. 5, 2020. (DAVID GRAY/AFP via Getty Images)

By Andrew Chen

Peel Regional Police say a significant portion of the gold stolen from Toronto Pearson Airport in April 2023 has likely been smuggled to Dubai or India.

The heist saw 6,600 gold bars worth $20 million and roughly $2.5 million in various foreign currencies stolen from an Air Canada storage facility at Toronto Pearson Airport. Police said a small quantity of the gold was melted down in a jewelry shop in Toronto, while the rest is believed to have been sent abroad.

“We believe a large portion has gone overseas to two markets that are flushed with gold—that would be Dubai or India—where you can take gold with serial numbers on it, and they will still honour it and melt it down,” Det.-Sgt. Mike Mavity said during a June 21 Peel Police Service Board meeting. “That is our belief. And we believe that happened very shortly after the incident.”

The stolen gold and money, originating from a refinery in Zurich, Switzerland, arrived in Toronto on the evening of April 17, 2023, and were stored in an Air Canada cargo facility. Using fake documents, a suspect loaded the cargo into a five-tonne delivery truck and then drove off.

Police said they have been tracking the truck by combing through surveillance camera footage from businesses along the route it travelled, but the truck ultimately disappeared in a rural area of Milton, Ont.. The theft wasn’t discovered until Brink’s Canada employees arrived to pick up the cargo. Brink’s has since filed a lawsuit against Air Canada over the stolen goods.

Det.-Sgt. Mavity reported in April that only $89,000 of the $20 million in stolen gold has been recovered so far.

Charges

Police have laid over 19 charges or issued warrants for nine individuals allegedly involved in the heist. This includes the truck driver, 25-year-old Durante King-Mclean from Brampton, Ont., who was arrested in the United States last September and is scheduled to go to trial in July, according to Det. Sgt. Mavity.

Two men who were working for Air Canada at the time of the heist, 54-year-old Parmpal Sidhu and 31-year-old Simran Preet Panesar, are both charged with theft over $5,000 and conspiracy to commit an indictable offence. Mr. Panesar, believed to be in either the United Kingdom or India, has retained counsel, police said, adding that his lawyer is working toward his surrender.

Others accused include Prasath Paramalingam, 35; Archit Grover, 36; Ali Raza, 37; Amit Jalota, 40; Arsalan Chaudhary, 42; and Ammad Chaudhary, 43.

Except for Mr. Panesar and Mr. Arsalan Chaudhary, who are both on Canada-wide warrant, and Mr. King-Mclean, who is in the United States, the other six of suspects have been released on bail, with police citing their alleged non-violent crimes as the reason.

“We are guided by the Criminal Code and we have to release them. I think if we were to hold them for bail, it would jeopardize the prosecution, which is why the decision that we made to release them on bail,” Det.-Sgt. Mavity said.

‘Discouraging’

Brampton Mayor Patrick Brown, who was at the June 21 Peel Police Service Board meeting, expressed disappointment over the release of the suspects, calling it “discouraging” for the police force, which has dedicated extensive hours to these arrests.

Over a one-year period, 20 Peel Regional Police officers worked full-time on the investigation and have logged over 28,000 regular hours and 9,500 overtime hours, which translates into significant costs, said Det. Gordon Oakes.

Alan Boughton, member of the Peel Police Service Board and chair of the finance committee, offered an estimated cost thus far.

“I’m old school, so I just put $125 an hour in for regular time and time and a half on that [overtime hours], which takes the cost at this point to $5.293 million, and the project’s not even near the end,” Mr. Boughton said.

“So at the end of the day, it’s an incredible investment that’s being made to catch these bad guys. And, you know, as we look at budgets, I’m saying this as the chair of the finance committee, a crime like this could be $10 million as a cost to Peel by the time it’s all said and done.”

During the June 21 meeting, the police also highlighted the involvement of firearms trafficking in the 2023 heist.

“This isn’t just about gold. This is about how gold becomes guns,” said Nando Iannicca, chair of the Peel Police Service Board, in response. “And gold can be remade, but people’s lives, and what happens when guns are involved, cannot.”

Andrew Chen is a news reporter with the Canadian edition of The Epoch Times.

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