Canadian police suspect that a significant portion of the 400 kilograms of gold stolen from Toronto’s Pearson International Airport in April 2023 may have been smuggled to India and Dubai, according to Peel Region police.
“We believe a large portion has gone overseas to markets that are flush with gold,” said lead investigator Detective Sergeant Mike Mavity in a June 21 Peel Police Service Board meeting.
“That would be Dubai, or India, where you can take gold with serial numbers on it and they will still honor it and melt it down … And we believe that happened very shortly after the incident,” he added.
The stolen gold was part of a shipment from Zurich, Switzerland. The police previously claimed it was worth approximately US$20 million at the time of the crime, but in this meeting clarified it was actually worth millions more. Its theft is deemed the largest heist in Canadian history.
The theft took place in April 2023 when a man used a duplicate waybill to access the Air Canada Cargo terminal at Toronto Pearson International Airport. He then stole a pallet of gold bars, totaling 6,600 bars of pure gold.
Three men of Indian origin are among those arrested in connection with the heist.
The suspects include Archit Grover, who owned the truck used in the theft, although he was not the driver. Grover was detained at Pearson International Airport upon returning from India and faces charges of theft over C$5,000 and conspiracy to commit an indictable offense. He is described as a longtime friend of Parmpal Sidhu, who faces similar charges and was an employee at the cargo terminal.
Other suspects include Durante King-Mclean, who drove the truck; Grover’s cousin, Amit Jalota, who handled the gold alongside one other suspect; and Ali Raza, the owner of a Mississauga jewelry store, accused of melting a small portion of the stolen gold.
In addition to tracking the missing gold, investigators are analyzing over 40 electronic devices seized from the suspects and obtaining financial records from banks.
To date, the investigation effort has cost approximately C$5.3 million, with projections estimating a final cost of C$10 million. The 20 officers have logged 28,000 regular hours and 9,500 overtime hours.
These numbers reflect the magnitude of the case as Canadian authorities continue to search for the remaining gold and any profits from its sale as well as to locate three suspects who are still at large.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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