Toronto, Ont.-area jewellery store implicated in Canada’s largest gold theft
May 3, 2024
Equipment police found in the basement of the jewellery store. Photo courtesy National Post/Peel Regional Police
"Peel police suspect that some of the gold stolen in the $20 million gold heist at Toronto, Ont.’s Pearson Airport—the largest gold theft in Canadian history and sixth largest in the world—may have been melted down in the basement of a Toronto-area jewellery store.
The heist, involving the disappearance of 6,600 gold bars valued at $20 million and an additional $4 million in foreign currency originating from Switzerland, unfolded when a van driver presented falsified documentation to Air Canada personnel at a Pearson Airport warehouse and subsequently absconded with the loot.
Since the incident, six people have been apprehended and Canada-wide warrants have been issued for three additional suspects. A recent development includes the inclusion of a Toronto jeweller among the charged individuals, representing a notable breakthrough in the case.
According to a spokesperson from Peel Police, equipment they believe was used to melt the stolen gold—such as smelting pots, casts, and moulds, were confiscated from the jewellery store’s basement. The exact quantity of gold processed at the location remains undisclosed.
As per The Star, officials have recovered only $90,000 worth of stolen gold, found fashioned into “six crudely-made gold bracelets.” While the bracelets were discovered at an alternate location, investigators believe they had been made at the jewellery store.
In a statement, Peel Police say, “Regarding the remaining gold, our opinion is ... "
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