Suspected ringleader of Canada’s largest gold heist arrested in Toronto

Gold has appreciated by approximately 130% since the large-scale theft occurred

Rowan Dunne

Published

4 hours ago

In a significant development in the ongoing investigation into the 2023 Toronto Pearson Airport gold heist, Canadian authorities arrested 43-year-old Arsalan Chaudhary on Jan. 12.

Chaudhary, who has no fixed address, was apprehended at the airport upon his arrival from Dubai in the United Arab Emirates.

He faces multiple charges, including theft over C$5,000, two counts of possession of property obtained by crime and conspiracy to commit an indictable offence.

Police allege that Chaudhary played a central role as one of the masterminds, often referred to as the “top dog” in the operation.

His involvement reportedly included planning the theft, facilitating the sale of the stolen gold and aiding in its removal from Canada.

Investigators claim he was deeply engaged in post-heist activities, such as arranging a suspect’s flight to the United States and communicating extensively with accomplices. They suspect him of exchanging hundreds of calls and messages on the day the crime was committed.

Chaudhary’s return to Canada appears to have been coordinated as part of the investigation. According to court documents, he arranged to surrender upon his arrival, leading to his immediate arrest and detention for a bail hearing in Brampton, Ontario.

This move underscores the international scope of the probe, which has relied on cooperation between Canadian police and global partners to track suspects abroad.

Scale of theft astonished the public

The heist itself unfolded on Apr. 17, 2023, when a cargo flight from Zurich, Switzerland, landed at Toronto Pearson International Airport carrying approximately 400 kilograms of .9999-pure gold. This quantity is equivalent to about 6,600 bars, valued at over C$20 million Canadian dollars at the time. Approximately C$2.5 million in foreign currency was also stolen with the gold bullion.

Air Canada personnel offloaded the shipment, destined for secure storage, and transported it to a company warehouse on airport grounds. However, a suspect used a fraudulent duplicate airway bill to access the container, load it onto a five-ton truck and drive away undetected.

The theft was reported the following day, sparking what police dubbed “Project 24K” — a multi-agency investigation into this highly organized and brazen crime.

Over the past 2.75 years, law enforcement has made substantial progress in unraveling the scheme, which involved both Air Canada insiders and external accomplices. To date, authorities have charged 10 individuals or listed them as wanted in connection with the case, laying more than 21 charges overall.

Prior arrests include seven suspects. Meanwhile, two remain at large: 33-year-old Simran Preet Panesar, a former Air Canada employee believed to be in India with an extradition request pending; and 27-year-old Durante King-Mclean.

Authorities have seized around C$312,000 in cash suspected to be proceeds from the gold sales, along with smelting equipment, molds, and a small amount of melted gold. Less than C$100,000 worth has been successfully recovered so far.

Criminals likely melted down the unrecovered gold and sold it to various buyers, which highlights the challenges in tracing such assets.

Largest Canadian gold heist of all time

This bold theft holds a prominent place in criminal history as the largest gold heist ever recorded in Canada.

Globally, it ranks among major airport heists, drawing comparisons to events like the 1976 Brink’s-Mat robbery in the UK or the 2019 Lufthansa cargo theft in Brazil. The illegal scheme’s scale and execution set it apart in the annals of organized crime though.

The ongoing investigation’s cross-border efforts — including assistance from the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives — demonstrate the evolving tactics used to combat sophisticated international theft rings.

“Project 24K is a clear example of how our officers, working alongside national and international partners, can disrupt sophisticated criminal activity and hold those responsible accountable,” said Peel Regional Police Chief Nishan Duraiappah.

“Let it be known: no matter where you try to run or hide, we will find you.”

BREAKING—⁦@PeelPolice⁩ have arrested its seventh accused in the 2023 Pearson $40-million Airport gold heist. Arsalan Chaudhary taken into custody today at Terminal 1 — watch for column and video pic.twitter.com/MRAJmCZEcU

— Joe Warmington (@joe_warmington) January 12, 2026