Beware of kangaroo-stamped gold bars, Toronto police warn jewelers – Report

Toronto police are warning workers in the jewellery and metal industries to be on the lookout for people trying to sell gold bars stamped with kangaroos.

Police say someone used a fraudulently obtained bank draft for nearly $1.9-million to buy gold bars from a financial institution in Montreal last month.

The treasure included 19 one-kilogram gold bars, two 100-gram bars and 75 distinctive 10-ounce gold bars with the symbol of Australia’s Perth Mint on the front and kangaroos on the back, reports The Globe & Mail.

So far, one of the Australian gold bars – which are about half the size of a deck of cards and valued at about $13,000 – has been recovered.

Police say a man unsuccessfully tried to sell an Australian gold bar at a business in Toronto on Feb. 14. Two days later, a second man was arrested as he attempted to peddle one of the bars, Detective Ruth Moran said.

Thevarajah Thambipillai, 55, and Senthuran Kanapathipillai, 32, both of Toronto, are charged with possession of property obtained by crime. They are not charged in relation to the theft of the bank draft.

Det. Moran would not say whether investigators suspect the pilfering of the bank draft was an inside job, but called the fraud sophisticated.

“It’s definitely a unique case and we’re doing everything possible to find out where the gold bars are and find out who else is responsible,” Constable Tony Vella said.

Investigators are warning those who work with precious metals to beware of people peddling gold bars.

“The last thing you want to do is buy items that have been stolen,” Constable Vella said.

The Canadian Bankers Association is offering a $50,000 reward for any information leading to the recovery of the bars and the conviction of the thief.

William Crate, a director of the association, said the CBA has no tolerance for crimes against the banking industry. He said this is a “unique situation” and he hasn’t seen many similar thefts. – (The Globe & Mail)