Peel Regional Police tell Global News that some of the gold stolen in Canada’s largest gold heist was melted down in the basement of a Toronto-area jewelry store.
In a statement to Global News received Monday, police did not elaborate on how much of it was melted down.
Last week, police made an announcement about the 6,600 gold bars valued at over $20 million that was stolen from an Air Canada cargo facility at Toronto Pearson Airport on April 17, 2023. Cash valued at $2.5 million was also taken.
Several arrests were made and details of how the gold was stolen were revealed.
At the press conference, Det. Sgt. Mike Mavity told reporters a suspect arrived at the facility with a “fraudulent airway bill” and gave it to an attendant.
Additional Insight:
The fact that some of the stolen gold was melted down in a jewelry store highlights the lengths to which criminals were willing to go to conceal their actions. This signifies a sophisticated operation that involved not just theft but also the tampering of stolen goods to hide their origins.
Mavity said a short time later, a forklift arrived with a container of gold and foreign currency and it was loaded into the rear of a truck driven by a suspect, who then drove off with the goods.
Throughout the investigation, the only gold recovered from the heist were six gold bracelets resembling bangles. They were sent off for examination and considered to be pure gold with a total value of over $89,000, Mavity said.
Nine people have been identified in connection with the case and have been arrested, charged, or have Canada-wide warrants issued. Included in the arrests were a jewelry store owner and an Air Canada employee.
Peel Regional Police photo
Peel Regional Police photo
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