Two charged after $65K gold theft during Markham exchange, third suspect sought

Two suspects charged, one outstanding following a theft during a private gold exchange in Markham (YRP photo).

York Regional Police say two suspects have been charged and a third is still outstanding following a theft during a private gold exchange in Markham, Ont.

In a news release, police say that on Feb. 22, 2026, the victim met with two suspects in the city to sell gold bars valued at approximately $65,000.

Investigators allege that during the transaction the suspects stole the gold and fled the scene in a Land Rover. While making their escape, the vehicle struck another car.

Through the investigation, officers say they identified a primary suspect.

On March 11, investigators executed a search warrant at a residence in Oakville, where they say officers discovered a forgery station along with forged documents including passports, business cheques, Ontario driver’s licences, counterfeit cash and counterfeit credit cards.

Police also say officers located high-end designer handbags, jewelry and watches valued at more than $180,000.

As a result, two suspects have been charged.

25-year-old Peijie Zhao of Oakville is facing a total of eight charges including theft over $5,000, two counts of possession of property obtained by crime and failure to stop after accident, among other charges.

Meanwhile, 26-year-old Hunan Yu is facing a total of six charges including possession of property obtained by crime, possession of forged passport and possession of counterfeit money.

Investigators are still searching for a third suspect described as a male, Asian, thin build, about five-foot-five with purple hair. He was last seen wearing an oversized blue and white sweater and white shoes with bright laces.

Police are reminding the public that meeting unknown individuals to exchange valuable items carries significant risk and recommend transactions be completed through legitimate financial institutions or monitored locations.

Anyone with information is asked to contact York Regional Police.