Highlights:
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Canada has requested India to extradite Preet Panesar in connection with a $20 million gold heist.
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The case is described by Canadian police as the largest gold theft in Canada’s history.
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Another accused, Arsalan Chaudhary, has been arrested in Toronto.
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India’s Enforcement Directorate says funds were routed through hawala networks and invested in the film and music industry.
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Peel Police describe Panesar as “on top of the food chain” in the operation.
Canada has formally approached India seeking the extradition of Preet Panesar, a key accused in the 2023 gold theft valued at $20 million. According to Peel Regional Police, the case represents the largest gold heist ever recorded in Canada. The extradition request follows coordinated investigations by Canadian law enforcement agencies and Indian authorities, including India’s Enforcement Directorate (ED).
Panesar, 33, is alleged to have played a central role in the theft of a large gold shipment from Toronto Pearson International Airport. Investigators say he was last traced to a rented residence in Mohali, near Chandigarh in Punjab, as reported by The Indian Express in February 2025. Canadian officials have confirmed that Panesar remains at large, while efforts continue in both countries to track financial trails linked to the crime.
Canada and India Coordinate on Extradition Process
The extradition request from Canada comes amid growing cooperation between Canadian and Indian agencies. On Monday (12), Peel Police confirmed the arrest of another suspect, Arsalan Chaudhary, at Toronto Pearson International Airport. Canadian authorities believe the arrests and ongoing financial probes will help strengthen the extradition case against Panesar.
While Panesar has not been detained, Indian authorities are assisting Canada by examining suspected money flows connected to the theft. The focus remains on identifying how the stolen gold was monetized and how the proceeds were transferred across borders, particularly between Canada, India, and Dubai.
Canada Gold Heist Funds and Hawala Links Under ED Probe
India’s Enforcement Directorate has linked the alleged proceeds of the Canada gold heist to hawala networks operating across multiple jurisdictions. According to the ED, a significant portion of the money was routed through informal channels and later invested in the music and film industry.
Investigators say some of the funds were used in a film project involving Panesar’s wife, Preety, who is described as an aspiring singer and actor. The ED has stated that evidence points to more than ₹8.5 crore, approximately $1 million, being transferred to accounts held by the Panesar family. These funds were later invested in their proprietorship firm, M/S Star Makers Entertainment.
The ED has conducted multiple searches at Panesar’s residences in India and has filed an Enforcement Case Information Report (ECIR) in connection with the case. During these searches, officials reportedly seized documents, payment registers, and electronic records. The material is said to show that funds were received from Canada and Dubai after the gold heist.
Canada Police Detail Panesar’s Alleged Role
Peel Regional Police are investigating the case under an operation known as “Project 24K.” So far, nine individuals have been charged or named as suspects. Two suspects remain outstanding, including Panesar.
Canadian authorities have described Panesar as central to the planning and execution of the theft. Peel Police have stated that he “was crucial, on top of the food chain.” According to investigators, Panesar’s role was enabled by his position as an Air Canada employee at the time of the incident. Police allege that he identified the incoming gold shipment and exploited access to the air cargo system to facilitate its removal.
Canada Case Highlights Cross-Border Challenges
Despite progress in tracing financial movements, several hawala operators identified through phone records and messaging data have not yet been apprehended in either India or Canada. Authorities say this has complicated efforts to fully recover the proceeds of the theft.
Panesar’s lawyer, Damanbir Singh Sobti, has declined to comment on the extradition request from Canada or the ED’s allegations related to money laundering. Officials in both countries continue to coordinate on legal procedures, financial analysis, and intelligence sharing to strengthen the case.
Canada Investigation Spans Multiple Countries
The case underscores the international scope of the alleged crime, involving Canada, India, and Dubai. Law enforcement agencies say the investigation highlights the challenges of tracking funds through informal financial systems and across jurisdictions with different legal frameworks.
Canadian and Indian officials have indicated that cooperation will continue as Canada pursues the extradition process and attempts to bring remaining suspects to justice. The outcome of the extradition request is expected to depend on judicial proceedings in India and the strength of evidence presented by Canadian authorities.
For Canada, the case remains a significant test of cross-border law enforcement collaboration, as investigators work to close one of the country’s most high-profile financial crime cases in recent years.
