Police said the suspect, identified as Sheikh Waseem, is accused of cheating market shopkeepers of nearly 20 kilograms of gold.

Investigations have now revealed that he also took more than 150 tolas of gold from his stepmother, worth approximately Rs75 million, and disappeared.

The woman has so far not filed a formal request for registration of a case.

At least 40 shopkeepers from the local market have approached police, seeking legal action against the accused. Police officials said four additional applications have been verified, while scrutiny of further complaints is underway.

According to investigators, the total volume of the alleged fraud exceeds Rs1 billion.

The suspect’s wife and children had reportedly left the country before the scam came to light. Travel records indicate that Sheikh Waseem frequently travelled to multiple countries.

Police said new disclosures are surfacing as the investigation progresses. However, authorities have yet to confirm whether the accused has fled abroad.

Traders have complained that despite submitting written applications, police action remains slow, alleging that officers are limited to visiting the market and collecting CCTV footage.

So far, two cases have been registered against the accused, while further legal proceedings are expected as more victims come forward.