Canadian Police Arrest New Suspect in $22.5m Gold Theft

Another arrest has been made in connection with what police have described as a “daring theft” — the single largest gold heist in Canadian history.

Police on Monday arrested Arsalan Chaudhary, 43, after he arrived at Toronto Pearson International Airport on a flight from Dubai. He has been charged with theft over C$5,000, two counts of possession of property obtained by crime, and conspiracy to commit an indictable offence.

The Heist

In April 2023, approximately 880 pounds of gold were offloaded from a flight arriving from Zurich at Toronto’s Pearson International Airport, along with C$2.5 million (US$1.8 million) in cash.

The shipment later disappeared after being transferred to another part of the airport, triggering a cross-border investigation.

Police said the stolen gold — equivalent to about 6,600 bars — was valued at more than C$20 million at the time. Canada’s national police force launched an extensive investigation into the theft at the country’s busiest airport.

A year later, authorities announced charges against multiple suspects, including two Air Canada employees, who allegedly played key roles in the theft of approximately C$22.5 million worth of gold and cash from Pearson.

Investigators have dubbed the case Project 24K and have laid more than 21 charges so far. The probe has involved cooperation with the Philadelphia Field Division of the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

Since the heist, the spot price of gold has more than doubled, further increasing the value of the stolen metal.

Chaudhary, described by police as having no fixed address, remains in custody and appeared for a bail hearing at the Ontario Court of Justice in Brampton.

Mining.com (With files from Bloomberg)