Police have arrested the prime suspect in a major gold fraud case involving traders from Lahore’s Ichhra area, ending weeks of uncertainty after reports that a jeweller had fled with large quantities of gold from multiple shopkeepers.
According to police, Sheikh Wasim Akhtar was arrested in Islamabad in connection with the case. He is accused of taking gold from several jewellers and then disappearing. Authorities said 10 cases have been registered against him at Ichhra police station.
Initial claims suggest that around 20 kilograms of gold may be involved. However, police cautioned that the final quantity and market value will be determined after completion of the investigation.
The case surfaced in December when traders at Latif Centre, a well-known jewellery market on Ferozepur Road, reported that a gold dealer named Sheikh Wasim had allegedly vanished after taking gold from other shopkeepers.
Several traders approached the police following the incident, prompting the registration of a case.
Around the same time, a video went viral on social media showing a man carrying a shopping bag. The video was claimed to show the suspect leaving with gold reportedly worth nearly Rs1 billion.
Latif Centre is considered one of Lahore’s major hubs for gold trading, housing dozens of jewellery shops.
Affected traders said they had known the suspect for decades and dealt with him based on mutual trust. They explained that jewellers often exchange gold among themselves to show items to customers, usually without written agreements, relying instead on long-standing professional relationships.
Ichhra police initially registered a case under Section 406 of the Pakistan Penal Code, which deals with criminal breach of trust and fraud, on the complaint of trader Ahmed Siddiqui.
According to the FIR, Siddiqui had entrusted eight gold bangles weighing 588 grams, worth approximately Rs22.5 million, to Wasim Akhtar on December 4.
When Siddiqui asked for the return of the gold the same day, the suspect allegedly cited the death of his sister-in-law and claimed he was travelling to Karachi, promising to return the bangles on December 9.
The complainant said the suspect’s mobile phone was later switched off, and he became unreachable.
Siddiqui told police that Wasim Akhtar had business dealings with the entire market and that it later emerged that gold belonging to several other traders was also with him.
He further claimed that the suspect had sold his house in Lahore and that when the shop was opened after breaking the lock, all safes were found empty.
For nearly 30 years, Wasim Akhtar was known in the market as a reputable trader with a strong standing in the gold business. Police said he also had a significant influence in the market and had previously served as president of the jewellers’ association.
Investigators said further arrests and recoveries may follow as the inquiry continues.
