According to traders, Sheikh Waseem Akhtar, a jeweller operating in the busy Ichhra jewellery market, disappeared several days ago after spreading false news about a relative’s death in Karachi.

Multiple jewellers had reportedly deposited their gold with him as amanat (trust).

Four days later, his employees opened the shop, prompting other jewellers to gather.

Traders broke open the vault, only to find empty boxes. The gold was missing.

They later learned that the suspect had even sold his house for Rs60 million before fleeing.

CCTV footage showing Waseem Akhtar leaving the shop with the gold has also surfaced, further fuelling concerns among traders who now fear large-scale fraud.

Police have registered a case at Ichhra police station on the complaint of a jeweller.

Investigators recorded the complainant’s statement and said more FIRs could be filed if additional claimants come forward.

A police spokesperson said early findings point to a financial dispute, adding that reports suggesting multiple complainants or organised theft were “factually incorrect” at this stage.

The SP Model Town is supervising the probe, while DIG Operations has sought a detailed report. Police say efforts are underway to arrest the suspect “at the earliest.”