bellevuebully
4th March 2011, 07:32 AM
Gold bars bought with stolen money sought in Toronto
Toronto Police are cautioning businesses to be on the lookout for $975,000 worth of gold bars stamped with a distinctive kangaroo pattern after thieves bought them with a stolen bank draft.
The 75 gold bars were purchased with a bank draft of nearly $1.9-million that was stolen from a financial institution in Montreal last month. (my note.....I assume this is referring to Kitco)Police have been notified that three attempts were made to sell the 10-ounce bars in Toronto. Only one has been recovered.
“I can’t say for certain it’s organized crime,” Det. Ruth Moran, of the Financial Crimes Unit, said Wednesday. “It’s very sophisticated. It’s not easy to steal the draft, deposit it and use the money. In this situation, the bars were bought from a gold company in Montreal.”
The bars bear the symbol of Australia’s Perth Mint on the front and kangaroos on the back.
Moran wouldn’t specify the locations where the bank note was drafted, whether it was an inside job or where the gold was purchased, citing “it’s still under investigation.”
The Canadian Bankers Association is offering a reward up to $50,000 for any information leading to an arrest.
Anyone wishing to sell such bars cannot simply dispose of them at a pawn shop or jewelry store.
“There are legal obligations to the purchase and sale of these items — there’s a requirement to make a report on the sale or purchase of $10,000,” said William Crate, the association’s security director.
Crate.
Thevarajah Thambipillai, 55, and Senthuran Kanapathipillai, 32, both of Toronto, have been charged with possession of property obtained by crime. Investigators are hunting the person who obtained the bank note.
http://www.torontosun.com/news/torontoandgta/2011/03/02/17467766.html
Toronto Police are cautioning businesses to be on the lookout for $975,000 worth of gold bars stamped with a distinctive kangaroo pattern after thieves bought them with a stolen bank draft.
The 75 gold bars were purchased with a bank draft of nearly $1.9-million that was stolen from a financial institution in Montreal last month. (my note.....I assume this is referring to Kitco)Police have been notified that three attempts were made to sell the 10-ounce bars in Toronto. Only one has been recovered.
“I can’t say for certain it’s organized crime,” Det. Ruth Moran, of the Financial Crimes Unit, said Wednesday. “It’s very sophisticated. It’s not easy to steal the draft, deposit it and use the money. In this situation, the bars were bought from a gold company in Montreal.”
The bars bear the symbol of Australia’s Perth Mint on the front and kangaroos on the back.
Moran wouldn’t specify the locations where the bank note was drafted, whether it was an inside job or where the gold was purchased, citing “it’s still under investigation.”
The Canadian Bankers Association is offering a reward up to $50,000 for any information leading to an arrest.
Anyone wishing to sell such bars cannot simply dispose of them at a pawn shop or jewelry store.
“There are legal obligations to the purchase and sale of these items — there’s a requirement to make a report on the sale or purchase of $10,000,” said William Crate, the association’s security director.
Crate.
Thevarajah Thambipillai, 55, and Senthuran Kanapathipillai, 32, both of Toronto, have been charged with possession of property obtained by crime. Investigators are hunting the person who obtained the bank note.
http://www.torontosun.com/news/torontoandgta/2011/03/02/17467766.html