India’s Enforcement Directorate Raids Mohali Premises of Suspect in Canada’s Biggest Gold Heist
In a significant development, the Enforcement Directorate (ED) on Friday conducted a search at the Mohali residence of Simran Preet Panesar, a man in his thirties who is allegedly a key suspect in Canada’s largest-ever gold heist. The heist, which took place at Pearson International Airport in April 2023, involved over $20 million worth of gold and cash, making it one of the most audacious thefts in the country’s history.
ED Investigates Under PMLA
Recently the ED registered a case under the Prevention of Money Laundering Act (PMLA) to look into the high-profile crime. Officials say the case has been initiated suo motu under PMLA provisions, under which Indian authorities are empowered to investigate cross-border financial crimes involving Indian nationals, even in the absence of formal request from any foreign nation.
The search operation at Panesar’s Mohali residence is also a part of a continuing operation to find out if the stolen gold or its ultimate transmutation into cash is being smuggled into India. The ED will also be probing Panesar to further understand his part in the heist and his potential involvement of any accomplices/beneficiaries in India.
Panesar’s Alleged Role in the Gold Heist
Simran Preet Panesar, a former acting supervisor at Air Canada’s operations control, is one of nine who are charged in April 2024 by Peel Regional Police (PRP) with their suspected participation in the heist. Authorities believe Panesar played a crucial role in executing the meticulously planned theft, which saw 6,600 gold bars, weighing around 400 kg, along with $2.5 million in foreign currency, disappear from an airport cargo facility shortly after arriving from Zurich.
Investigators at Air Canada’s cargo facility reportedly discovered computer logs indicating that Panesar had tracked the incoming flight carrying the gold. Once the shipment landed, he allegedly continued monitoring its movement until the gold mysteriously vanished. These results set the stage for charges filed against him in Canada where he is currently at large.
Living Under the Radar in India
Despite being one of the primary suspects in this high-profile case, Panesar has managed to evade Canadian authorities and has been reportedly living on the outskirts of Chandigarh. An investigative report by The Indian Express and CBC News’ The Fifth Estate recently revealed that Panesar had been residing in Mohali, prompting increased scrutiny from Indian enforcement agencies.
The revelation of his presence in India led to swift action from the ED, which is now seeking to determine whether Panesar funneled any of the stolen assets into India. Given the international nature of the case, the ED’s findings could have significant implications for extradition proceedings and legal cooperation between India and Canada.
What’s Next in the Investigation?
With the investigation gaining momentum, Indian authorities are exploring multiple angles:
- Whether any part of the stolen gold or proceeds made their way into Indian financial networks.
- If Panesar had any local accomplices who facilitated his stay in India.
- Whether any assets linked to the heist can be traced and recovered.
For now, the ED’s immediate focus is on interrogating Panesar and examining financial transactions that could potentially link him to the proceeds of the crime. Given the scale of the heist and the complexity of its execution, officials believe uncovering financial trails will be key to understanding the broader network behind the operation.
A Case That Captivated Canada
The 2023 gold heist at Pearson International Airport stunned Canada and has parallels with some of the greatest heists ever devised. The unobtrusive way in which such a large amount of gold vanished from a high-security area baffled law enforcement organizations. The subsequent charges against nine individuals, including Panesar, marked a major breakthrough, but his escape to India has added another layer of intrigue to the case.
While the investigation into Panesar’s case proceeds in the ED, the future of the accused now depends upon the result of investigations into India and possible legal action that might result in his extradition. Given the Indian and Canadian governments’ active investigation of this contentious case, this high-profile investigation is far from finished, and further disclosures are anticipated over the next few weeks.
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