Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Police arrest six, seek three others in Canada's largest gold heist

Published 04/17/2024, 12:26 PM
Updated 04/18/2024, 01:01 AM
© Reuters. Chief of Peel Regional Police Nishan Duraiappah speaks infront of the truck used for the heist as authorities give details of the arrests made one year after some 400 kg (882 pounds) of gold and almost 2 million U.S. dollars in cash were stolen from Toron

By KyawSoe Oo and Ismail Shakil

BRAMPTON, Ontario (Reuters) - Canadian and U.S. authorities said on Wednesday six people have been arrested and three more are being sought in connection with what they called the largest gold heist in Canadian history -- a cargo of over C$22 million ($16 million) in gold and currency.

The suspects, including two Air Canada employees, forged an airway bill to steal a cargo arriving from Switzerland of 6,600 gold bars weighing 400 kg (882 pounds) and C$2.5 million in foreign currency, police officials said.

Speaking exactly one year after the heist, which took place at an Air Canada cargo facility at the Toronto Pearson International Airport, Peel regional police at a press briefing named the nine suspects and detailed the 19 charges they face.

Five suspects were arrested in Canada and released on bail pending trial. One suspect, originally from Brampton, Ontario, was arrested in Pennsylvania along with firearms and remains in custody in the United States. Canada-wide warrants have been issued for the remaining three suspects, police said.

Air Canada said it had suspended one cargo division employee charged in the theft while the other, who worked in the same department at the time of the heist, had left the airline before the charges were announced.

"As this is now before the courts, we are limited in our ability to comment further," Air Canada said in a statement.

Investigators from the Peel regional police, working with the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives, recovered one kg of gold (2.2 pounds) and about C$434,000 in Canadian currency.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"We believe that they've melted down the gold and then the profits they got from the gold, they used to help finance the firearms," Detective Sergeant Mike Mavity said.

Police also recovered some 65 firearms that investigators allege were purchased with the proceeds from the theft.

Following the heist, Miami-based transport and security services provider Brinks sued Air Canada in October, alleging "negligence and carelessness" by the airline.

Brinks had been hired by Swiss bank Raiffeisen Schweiz and precious metals refining company Valcambi to move the valuables from Zurich to Toronto.

($1 = 1.3798 Canadian dollars)

Latest comments

Keep letting more in, Trudeau
TraDush the pedo
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.