Simranpreet Panesar’s Home Raided by Indian Economic Intelligence Agency in Canada’s Biggest Gold Heist Probe

In a significant development, the Enforcement Directorate (ED), a law enforcement and economic intelligence agency of the Government of India, on Friday raided the residence of 32-year-old Simran Preet Panesar, a former Air Canada manager facing a Canada-wide warrant for his alleged involvement in the audacious April 2023 gold heist at Toronto Pearson International Airport.

An ED team arrived at Panesar’s home in Sector 79, Mohali, Punjab, early Friday, intensifying the probe into what has been dubbed Canada’s largest gold robbery. “Our teams are in the process of questioning him,” a senior ED official confirmed.

The ED, primarily responsible for investigating financial crimes in India, has embarked on a rare international probe, exploring potential money-laundering links to determine if the stolen gold or its proceeds were routed to India. Sources familiar with the investigation revealed that the agency is meticulously examining the financial trail to uncover any connections to Indian markets.

The high-profile heist took place on April 17, 2023, when thieves used forged documents to steal an air cargo container containing 400 kg of .9999 pure gold bars and foreign currency. Valued at over 20 million Canadian Dollars (CAD) in gold and an additional 2.5 million CAD in cash, the cargo had arrived from Zurich, Switzerland, on an Air Canada flight. It was en route to a bank in Toronto when it vanished from a secure storage facility at the airport.

After being offloaded from the flight, the cargo was moved to another location within airport premises. The heist only came to light when the shipment was reported missing a day later. Peel Regional Police (PRP), who branded the incident as the “biggest gold heist in Canada ever,” launched a detailed investigation.

In April 2024, Canadian authorities charged nine individuals, including Panesar, and issued arrest warrants against him and another accused, Parampal Sidhu. Both Panesar and Sidhu were Brampton residents employed at Toronto Pearson’s warehouse facility.

Despite extensive investigations, the bulk of the stolen loot remains unrecovered. The PRP has only managed to trace 90,000 CAD of the missing cargo, leaving the whereabouts of the 400 kg of gold a mystery.

The ED’s involvement marks a crucial turn in the case, with officials aiming to trace the financial transactions linked to the heist. The agency’s cross-border probe could potentially uncover hidden assets or expose broader networks involved in smuggling the precious metal.

This latest development not only underscores the international ramifications of the heist but also highlights the ED’s expanding jurisdictional reach in financial crime investigations. As authorities tighten the noose around the suspects, the world watches closely to see if the missing millions will finally be recovered.