Another arrest made in ‘greatest gold heist in Canadian history’

[Ben Graham]

Police have made another arrest in connection with police have called a “daring theft, the single-largest gold heist in Canadian history”.

Police on Monday arrested Arsalan Chaudhary, 43, after landing at the Toronto airport from Dubai, and charged him for theft over C$5,000, two counts of possession of property obtained by crime, and conspiracy to commit an indictable offense. 

The heist

In April 2023 about 880 pounds of gold was offloaded from a flight at Toronto’s Pearson International Airport after arriving from Zurich, along with C$2.5 million ($1.8 million) in cash. But the shipment disappeared after being transferred to another part of the airport, triggering a cross-border manhunt. 

The precious metal was equivalent to 6,600 bars and valued at more than C$20 million, police said at the time. Canada’s national police force investigated the heist at the country’s busiest airport.  

A year later, police said among those charged were two men who worked for Air Canada and allegedly played key roles in the theft of some C$22.5 million in gold and cash from Pearson. 

Investigators have dubbed the case Project 24K and have laid more than 21 charges, working with the Philadelphia Field Division of the Bureau of Alcohol, Tobacco, Firearms and Explosives.  

The spot price of gold has more than doubled since the heist.

Chaudhary, described as “of no fixed address,” was held for a bail hearing and attended the Ontario Court of Justice in Brampton. 

(with files from Bloomberg)