Published on: 15 Jan 2026 at 10:36 AM

Who is Preet Panesar? Canada Seeks Extradition from India for Mastermind of Historic $20M Gold Heist

Published by: Gill Bikram

Who is Preet Panesar? Canada Seeks Extradition from India for Mastermind of Historic $20M Gold Heist

Toronto/Mohali Twist in Canada’s Biggest Gold Theft Case

A major development has emerged in Canada’s largest gold heist, valued at approximately 166 crore rupees (around $20 million USD). The Canadian government has formally requested India to extradite the prime suspect, Preet Panesar, who is currently in Punjab. Panesar faces serious charges in Canada for stealing gold and money laundering in India.

Panesar’s Role as the Alleged Mastermind

Preet Panesar, a former Air Canada employee, orchestrated the entire robbery, according to investigators:

Cargo System Manipulation: He exploited his job to identify the gold container and altered the air cargo system to facilitate its removal.
Project 24K: Canadian police dubbed the probe “Project 24K,” naming Panesar as the ringleader of the operation.

India’s ED Cracks Down on Money Trail

India’s Enforcement Directorate (ED) has filed a money laundering case against Panesar. Key findings include:

Hawala Fund Transfers: Post-heist, about 8.5 crore rupees were funneled to India via Canada and Dubai using hawala channels.
Investments in Entertainment: Proceeds funded film production and music ventures for Panesar’s wife, Preeti.
Digital Evidence: Police recovered crucial messages from his phone linking to the fund transfers.

Arrests So Far

Peel Regional Police in Canada have named nine suspects. Recently, they arrested another key figure, Arsalan Chaudhry, at Toronto’s airport—a breakthrough in the case.

Diplomatic Hurdles Ahead

Panesar was spotted in a rented house in Mohali in February 2025 and remains in hiding somewhere in Punjab. Amid strained India-Canada relations, his extradition process could prove highly complex. His lawyer has declined to comment.