On April 17, 2023, gold and foreign currency worth millions of dollars was stolen from the Toronto Pearson International Airport in Canada. Learn how one of the largest gold heists in Canadian history occurred and what steps investors can take to protect their assets.
Before the Robbery
Valcambi, a Swiss precious metals refinery, and Raiffeisen Schweiz, a Swiss retail bank, planned to ship gold and currency by plane in one container to Toronto, Canada, through a third party. Typically, gold and foreign currency are transported securely by air, as planes are the most efficient option for fast delivery.
How the Heist was Executed
Investigators revealed that a fraudulent airway bill was printed and given to other members of the heist party. This document provides detailed information about the shipment, such as sender, recipient, origin, destination, weight, contents, and handling instructions. The fake airway bill legitimized the handover of the cargo to the robbers.
After the plane landed in Toronto, a suspect in the robbery drove into the Air Canada cargo bay and gave the fraudulent airway bill to a cargo warehouse attendant. Afterwards, approximately 6,600 gold bars and millions in foreign currency were loaded into the truck, which then left the airport grounds. The legitimate receiving party came to pick up the gold to be delivered to the vault, and the container was declared missing. The next day, the Peel Regional Police was notified.
The robbery quickly gained nationwide attention and was referred to as “Project 24Karat” by the joint investigation team of the Peel Regional Police and the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF).
The Aftermath
Nine people have been identified in connection with the case; those charged include Air Canada employee Parmpal Sidhu, Ali Raza, a jewelry store owner in Toronto who was allegedly involved in melting stolen gold, and others, such as Prasath Paramalingam and Durante King-McLean.
Prasath Paramalingam was charged with accessory after the fact of an indictable offence in Canada and was charged in the United States for firearms trafficking, aiding and abetting, and conspiracy.
In 2023, when police pulled Durante King-McLean over for a routine inspection, they say they found 65 firearms in his vehicle, which they believe were destined for Canada for an illegal arms trade deal. Peel Regional Police alleged the guns were likely purchased with the stolen money or gold from the heist. King-McLean was arrested, and in 2025, Durante King-McLean pleaded guilty to conspiracy to traffic firearms.
In 2024, police found six pure gold bracelets they believed were made of the gold bars stolen in the heist, as well as smelting pots, casts, molds, and the truck used to steal the gold and foreign currency. Not all the gold has been found, and the investigation is still ongoing.
Detective Sargent Mike Mavity claimed that most of the gold would be overseas after the robbery and that it was likely handed over to another party to be melted. Physical gold is difficult to trace after a robbery and is rarely recovered in its original form. Unlike paper currency, gold can take on many shapes to facilitate smuggling or concealment.
Robbers Still on the Run
There were various estimates for the value of the stolen items. The gold bars were originally reported as being worth a little over $20 million CAD. The total amount of foreign currency stolen also differs between sources, with some claims that $2.5 million CAD was stolen in the heist.
Peel police and a draft of the Crown’s case against the suspects in the heist allege King-McLean was the man behind the wheel of the white van that pulled away from an Air Canada cargo building with the gold and the foreign currency.
As of early 2025, three suspects are still on the run: Arsalan Chaudhary, Simran Preet Panesar, and Prasath Paramalingam.
- Arsalan Chaudhary is wanted for theft over $5,000 and conspiracy to commit an indictable offence and faces two counts of possession of property obtained by crime.
- Simran Preet Panesar was a former Air Canada employee who was employed there at the time of the theft. He is also wanted for theft over $5,000 and conspiracy to commit an indictable offence.
The Vulnerability of Gold Transport
For the insurance and gold trading industries, the Toronto Pearson Airport Heist serves as a reminder of the risks of transporting precious metals. No laws or regulations were enacted due to the Pearson gold heist.
Every year, security protocols are updated to make sure that transported goods are delivered to their destination safely. Unfortunately, if insider collusion occurs within the organization, overall security is greatly reduced and deemed untrustworthy and unorganized.
The Pearson case is the largest gold heist recorded in Canadian history, surpassing previous airport robberies, and ranks as one of the biggest gold thefts in modern history. This case exceeded all previous Canadian gold robberies, such as the 1966 Winnipeg “Flying Bandit” case, where Ken Leishman and four accomplices stole nearly $400,000 CAD in gold bullion in a similar fashion.
Airports are frequent targets of precious metal robberies because gold and other precious metal products are often moved internationally by air, making cargo terminals (such as Heathrow in London, Toronto Pearson, and São Paulo’s Guarulhos Airport) hotspots for large-scale gold thefts.
Listed are security vulnerabilities at airports:
- Insider involvement and fraudulent documentation.
- Cargo handling procedures.
- Security gaps and procedural weaknesses
The Security of Your Assets Is Important
When it comes to protecting your precious metals, security and trust are critical. APMEX offers secure storage through its wholly owned subsidiary, Citadel Global Depository Services, Inc.
APMEX’s Citadel keeps customers’ gold safe by implementing multiple security measures designed to address risks such as insider collusion, chain of custody breakdowns, physical security gaps, and laundering schemes:
- Citadel depositories are fully protected against physical loss, theft, or damage. Your metals are securely allocated and segregated, separately insured from other holdings.
- With real-time reporting and up-to-date inventory valuation, customers have transparent access to their assets. You can take possession of your gold at any time, providing full control and flexibility over your investment.
- Citadel works with a leading security firm and follows strict protocols to minimize risks such as insider threats, theft, and laundering.
This robbery highlights the ongoing risks of insider involvement and the challenges law enforcement faces in tracing physical assets, such as gold. For the global precious metals industry, it demonstrates that even secure shipments require multiple layers of protection against internal fraud. For investors and institutions, safeguarding assets depends on trusted custodianship with transparent, high-security storage solutions that extend protection beyond transportation.
