Canada seeks extradition of Preet Panesar in $20 million gold heist probe

Canada has stepped up efforts to crack its biggest gold theft case. On January 12, Canadian authorities formally asked India to extradite Preet Panesar. Investigators name him as a key accused in the 2023 gold heist worth $20 million. Police describe it as the largest gold theft in Canadian history.

Meanwhile, the probe has gained momentum. Peel Regional Police confirmed the arrest of another prime suspect, Arslan Chaudhary. Officers detained him at Toronto Pearson International Airport on January 12. Investigators believe his arrest strengthens the case against the larger network behind the crime.

Earlier, Indian agencies had already tracked Panesar’s movements. In February last year, Indian investigators traced the 33-year-old to Punjab. He lived in a rented house in Mohali, near Chandigarh. Following this, the Enforcement Directorate launched searches and opened a money laundering case linked to the heist.

At present, Indian officials say they have not received formal details of Canada’s extradition request. However, they confirm active coordination with Canadian authorities. The focus remains on tracking alleged hawala funds. Investigators aim to connect money received in India to the proceeds of the Canadian gold theft.

According to the Enforcement Directorate, Panesar allegedly moved money through indirect channels. Officials say the funds flowed through the music and film industry. Most payments reportedly supported a film project featuring his wife, Preety, who seeks a career in singing and acting.

Previously, investigators claimed strong financial evidence. They say Panesar received more than Rs 8.5 crore after the heist. The money allegedly came through hawala routes. Officials believe operators based in Chandigarh and Canada handled these transfers. So far, agencies have not arrested these operators.

As the probe widened, investigators traced the money trail further. They found that various entities deposited cash into accounts controlled by Panesar and his family. Later, these funds moved as investments into Star Makers Entertainment. Panesar and his wife run this proprietorship firm.

When asked about the extradition request and money laundering claims, Panesar’s lawyer declined comment. Earlier as well, Panesar avoided public statements. He cited legal reasons and stayed away from the media. Investigators say he has since shifted to another location near Chandigarh.

Soon after the initial media report, the Enforcement Directorate intensified action. Officers searched the Mohali residence and registered an Enforcement Case Information Report. During searches on February 21 and 22, teams recovered a payment register. Officials say the document lists multiple cash tranches received after the heist.

Investigators also examined electronic devices. Messages and call records played a key role. Officials say these records pointed to hawala operators who later evaded arrest. Despite this, teams questioned Panesar at least twice. They claim his phone data shows fund receipts from Canada and Dubai.

In Canada, police continue to highlight Panesar’s alleged role. Peel Regional Police named their investigation “Project 24K.” So far, police have charged or named nine suspects. Two remain at large, including Panesar. Authorities want him for theft over $5,000 and criminal conspiracy.

Canadian police describe Panesar as central to the crime. Investigators allege he worked as an Air Canada employee. They say he identified the incoming gold shipment and manipulated cargo systems. According to police, this access enabled the physical removal of the gold container.