India Probes Hawala Trail Linked To Suspect In Canada's Largest Gold Heist

Simran Preet Panesar, one of the prime suspects in Canada's largest gold heist, is now under the scanner of Indian authorities for allegedly receiving hawala payments worth over Rs 8.5 crore after arriving in India, according to sources in the Enforcement Directorate (ED).

Panesar, a former Air Canada employee, is accused of playing a central role in the $20 million gold robbery at Toronto's Pearson International Airport in April 2023. He is said to have helped identify and divert a cargo shipment containing 6,600 gold bars, weighing around 400 kg, by manipulating airline systems, as per Canadian investigative agencies.

After the heist, Panesar reportedly fled to India. He was traced earlier this year to a rented flat on the outskirts of Chandigarh. Days later, the ED conducted raids at multiple locations and registered a case under the Prevention of Money Laundering Act (PMLA), citing the cross-border nature of the alleged crime.

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Officials familiar with the investigation revealed that data recovered from Panesar's confiscated mobile phone provided crucial leads. The ED believes that shortly after settling in Mohali, Panesar received multiple hawala payments, traced to a Chandigarh-based operator who remains on the run.

The agency has also seized diaries from the operator's staff containing entries of transactions linked to several foreign jurisdictions, including the US, UK, Canada, Singapore, and Australia.

Investigators say these entries suggest large sums were funnelled into India between November 2023 and February 2025, although it remains unclear how much of this money directly stems from the gold heist. The hawala operator is suspected to have used a medical store and a money exchange business as a front to route the funds.

Read: 6,500 Gold Bars Stolen In Canada's Biggest Heist Maybe In India, Say Cops

The ED has issued a Look Out Circular (LOC) to prevent Panesar from fleeing India, while it awaits further evidence from Canadian authorities. Citing jurisdictional overreach, Panesar's legal team has challenged the ED's action in the Punjab and Haryana High Court, arguing that no crime was committed in India and no formal request has been received from Canadian agencies.

Panesar is one of nine suspects named in the Canadian investigation. He has been described by the police there as "crucial" to the planning and execution of the heist - "on top of the food chain," as per their report.

The ED investigation continues, with focus now on tracing the main hawala operator and establishing the criminal origin of the seized funds.