1 year after the Pearson heist, no arrests and no sign of all the gold and cash

A year ago, an Air Canada plane that took off from Zurich, Switzerland, had some valuable cargo, including 400 kilograms of gold and nearly $2 million in cash.

It crossed the Atlantic on April 17, 2023, three days after a security firm arranged for it to be transported to Canada.

At the time, the total value of at least 20 million dollars in gold and money arrived at Pearson Airport in Toronto.

It is not known where he went next.

Because someone did not keep this wealth and took it to another place.

The birth of the pirate story

Peel Regional Police – the law enforcement agency responsible for the problems at the airport – did not disclose that the subject was abducted until several days after the fact.

On April 20 last year, Peel Regional Police Insp. Steven Duivestein told reporters that the cargo arrived at the airport a few days ago, where it was unloaded and then stored in a holding facility “according to normal procedure.”

He said the high-value container was “illegally” removed from the Pearson facility.

The inspector did not determine who was in possession of the valuable shipment when it was stolen, but reports have surfaced in the media that Air Canada's cargo operations were handling it when it went missing.

Court case

In October, Air Canada filed a theft lawsuit seeking millions in damages from Brink's, a security firm that transports gold and banknotes for individual Swiss clients.

In court documents, Brink says an unknown assailant gained access to Air Canada's cargo facilities less than 45 minutes after the gold and cash were deposited.

“The same person presented a 'fraudulent bill of lading' to release the shipment, and then an unknown person ran away with the cargo,” says Brink in his complaint.

Air Canada filed a statement of defense the following month, denying “each and every allegation” made by Brink regarding the theft.

The investigation is ongoing

Twelve months after the high-value theft in Pearson, Peel Regional Police say investigators are “working around the clock to locate, arrest and charge those responsible for this crime.”

In an emailed statement, Brink's said it “appreciates the ongoing efforts of law enforcement in this matter,” though the company reiterated its position that “Air Canada is responsible for the full cost of Brink's cargo that was improperly transferred to another party.”

Through a spokeswoman, Air Canada declined to comment on the case, citing the ongoing police investigation.

“We also do not publicly discuss our security measures because doing so could compromise them,” spokesman Peter Fitzpatrick said in an email.

Many unknowns

With the limited information released by investigators, many questions remain about the details of the crime, including who was responsible.

Bruce Pitt-Payne, a retired RCMP investigator, said the fact that the theft took place inside an airport warehouse suggests a basis for knowledge of operations there, however it was obtained.

“No one was hurt. It could have been done in a different way,” he said in an interview.

For former Toronto police detective Jim Downs, this was clearly not the type of theft committed by petty criminals.

“This is organized crime at the highest level,” said Downs, who now conducts investigations for corporate clients and law firms.

As for the whereabouts of the stolen cash and gold, Downes doubts they will ever be returned. Too much time has passed since the theft, and organized crime groups have the ability to capture such valuables, he said.

However, Pitt-Payne said the investigation could benefit from circumstances that have changed over time, including when those involved in the crime were at odds with each other.

“In the criminal world, people beat each other up, rip off each other, lie to each other, and eventually you find that time allows people to lose integrity,” he said.

An out-of-situation careless comment to the wrong person — now or in the future — could help investigators, Pitt-Payne said.

Installation costs?

CBC News asked Peel Regional Police about the amount of resources committed to the investigation. The police department did not immediately respond to emailed questions.

Several Peel Police Services board members did not want to discuss the costs or resources spent on the investigation or the case itself.

Police board chairman Nando Iannicca — who also heads the regional council — and Matt Mahoney, of Mississauga, Ont., both said it was inappropriate to comment while the investigation is ongoing.

Brampton Mayor Patrick Brown expressed “full confidence” that investigators will prevail.

“Don't discount their investigative abilities,” Brown said in a statement. “They will catch and arrest the culprits,” he said.

Pitt-Payne said Peel investigators were facing a complex case, which was further complicated by legal action surrounding it.

“Police may be doing their best against the overwhelming odds to be dealt with quickly.”

A “closed” case?

At least one of the companies affected by the theft appears to be moving on from the incident.

“For its part, Raiffeisen Switzerland considers the case closed,” Jan Sontgerath, a spokesman for the Swiss bank that contracted with Brink to send the cash to the Vancouver Bullion and Currency Exchange (VBCE), said in an email.

“We will not be commenting further on this case or releasing any details.”

VBCE declined to comment, citing an ongoing investigation.

Valcambi, another Swiss company, tried to send gold to TD Bank. He did not respond to an email request for comment.

A TD representative said the bank had “nothing to add to the story.”