Canadian police believe more than 6,500 gold bars stolen from an airport last year are now missing overseas.
The incident, which took place at Toronto’s Pearson International Airport in April 2023, was perhaps the most expensive gold bullion heist in history. Police reported that 6,600 serial numbered bars, worth more than C$20 million, were stolen.
“The majority of the money is believed to have ended up in gold-rich overseas markets,” lead investigator Detective Sergeant Mike Mavity said at a Peel Police Commission meeting on June 21, according to the Canadian Broadcasting Corporation.
Canadian police say they will charge nine people in connection with the theft of $20 million from an airport last year.
A police officer opens the back of a recovered truck during a press conference regarding “Project 24K,” the joint investigation into the theft of gold from Pearson International Airport in Brampton, Ontario. (Arlyn McAdory/The Canadian Press via The Associated Press)
He added: “It’s Dubai or India, if you go there with a gold coin with a serial number on it, they will respect it and melt it down.”
Mavity said he believes the gold was handed over to another party and melted down shortly after the robbery.
Suspects in the case include a jewelry store owner, a former Air Canada manager and a warehouse employee, and a total of nine people have been arrested in connection with the case.
Toronto Airport Heist: Gold containers and valuables worth $15 million stolen from cargo facility
A monitor displays a photo of the forged seafood order forms used to break into an Air Canada warehouse. Peel Regional Police and the U.S. Bureau of Alcohol, Tobacco and Firearms have released details and arrests in the theft of $20 million worth of gold from Pearson International Airport. (Richard Lautens/Toronto Star via Getty Images)
The suspects reportedly used invoices to receive the seafood and forged documents to be given to warehouse staff.
Authorities believe a small amount of precious metals was melted down in the basement of the Mississauga jewellery store immediately after the robbery, which only recovered $90,000.
Police said dozens of firearms were seized from suspects during the investigation and they are trying to tease out links between the stolen money and cross-border gun trafficking.
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The lead investigator on the case, Peel police Sergeant Mike Mavity, spoke to media with a projector next to him showing the total amount of money recovered so far. (Richard Lautens/Toronto Star via Getty Images)
Two fully automatic rifles and several untraceable firearms have been recovered, but authorities are yet to present any solid evidence linking them to illegal firearms trade.
