Canada Formally Requests India to Extradite Gold Heist Suspect
Canadian authorities have made an official extradition request to India for Preet Panesar. Panesar stands accused as a key figure in the massive 2023 gold theft valued at $20 million. Peel Regional Police confirmed this development in a public release dated January 12.
This heist marks the largest gold robbery in Canadian history. The Peel Police also announced the arrest of another primary suspect, Arsalan Chaudhary. Officers apprehended Chaudhary at Toronto Pearson International Airport on the same day.
Tracking the Accused to Punjab
Investigative reports first located Panesar in Punjab during February of last year. Authorities traced him to a rented residence in Mohali, near Chandigarh. Following this discovery, India's Enforcement Directorate conducted searches at the property.
The ED subsequently registered a formal case against Panesar. Officials from the agency confirmed they maintain contact with Canadian counterparts. Their goal is to connect hawala funds allegedly received by Panesar in India to the proceeds from the gold theft.
Money Laundering Allegations and Film Production Links
Enforcement Directorate officials allege Panesar received over Rs 8.5 crore through hawala channels after the heist. They claim the money moved via sectors like the music industry. A significant portion allegedly financed a film featuring Panesar's wife, Preety.
Preety Panesar is an aspiring singer and actor. Evidence suggests cash deposits were made into accounts operated by the Panesar family. These funds were then transferred as an investment to M/S Star Makers Entertainment.
This company is a proprietorship concern incorporated by Preet Panesar and his wife. The suspected hawala operators, believed to be based in Chandigarh and Canada, remain at large.
Legal Proceedings and Ongoing Investigations
When contacted about the extradition request and money laundering charges, Panesar's lawyer declined to comment. Damanbir Singh Sobti stated he did not wish to offer any statement on the matter.
Panesar has been questioned by ED teams on multiple occasions. Messages retrieved from his phone allegedly show evidence of fund receipts from Canada and Dubai post-heist.
Canadian police refer to their investigation as "Project 24K." They have charged or named nine individuals so far, with two, including Panesar, still outstanding. Panesar faces charges of theft over $5,000 and conspiracy to commit an indictable offence.
Panesar's Alleged Role in the Heist
Canadian police reports describe Panesar as an Air Canada employee at the time. They allege he searched for and identified the incoming gold shipment. He then manipulated the Air Cargo system to facilitate the physical removal of the container.
Investigative documents state Panesar was "integral" and "crucial" to the heist, placing him "on top of the food chain." Earlier Peel Police Board documents revealed the specific allegation that he "facilitated" the theft.
The ED conducted searches in late February last year, recovering a register of payments. This document listed money received in several tranches. While seized documents and electronic evidence form a key part of the ED's case, the primary hawala operator escaped capture.
This operator was traced using call and message records from Panesar's phone. After initial media contact in February 2025, Panesar declined to speak on record citing legal reasons. He has since relocated to another area on the outskirts of Chandigarh.
