Police Say $20 Million in Stolen Gold Likely Now Overseas

Police believe that over 6,500 gold bars, stolen from an airport last year, have been smuggled overseas.

The incident, which occurred in April 2023, is believed to be the most valuable gold heist in history. Police reported that over CA$20,000,000 worth of gold, in the form of 6,600 serialized bars, was stolen.

“We believe a significant portion has been transported overseas to markets with a high demand for gold,” said lead investigator Det. Sgt. Mike Mavity at a June 21 meeting of the Peel Police Service Board, according to the Canadian Broadcasting Corporation.

He added, “These markets, such as Dubai or India, readily accept gold with serial numbers and will melt it down.”

Mavity stated that he believes the gold was immediately handed over to another party and melted down.

Suspects in the case include a jewelry store owner, a former Air Canada manager, and a warehouse employee. A total of nine individuals have been arrested in connection with the case.

The suspects allegedly used a completed bill for a seafood pick-up to forge paperwork that was presented to a warehouse attendant.

Authorities believe a small amount of the precious metal was melted down in the basement of a Mississauga jewelry store shortly after the heist. Only CA$90,000 has been recovered from the heist.

have attempted to draw connections between the stolen gold and cross-border gun trafficking, citing dozens of firearms seized from suspects in the investigation.

 

Two fully automatic weapons and several untraceable firearms were recovered, but authorities have not yet provided substantial evidence linking them to the illegal gun trade.

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