Prime Suspect Captured After Weeks of Uncertainty
Police have arrested the prime suspect in a major gold fraud case linked to Lahore’s Ichhra market. Sheikh Wasim Akhtar was arrested in Islamabad, ending weeks of speculation and concern among traders. He is accused of fleeing after collecting gold from multiple jewellers and then disappearing without returning it. Authorities say the case involves multiple victims and could include a large quantity of gold.
Police sources revealed that ten separate cases have been registered against Wasim Akhtar at the Ichhra police station. The total gold involved is still being verified. Initial estimates suggest around 20 kilograms of gold may be missing. However, the final quantity and market value will be confirmed after the investigation is completed.
The arrest is seen as a major breakthrough for law enforcement and local traders. It has also brought some relief to the affected jewellers, who had been waiting for answers since December.
Case Emerged in December From Lahore’s Major Gold Market
The fraud case first surfaced in December when several traders at Latif Centre reported that a gold dealer had vanished with their gold. Latif Centre is a major jewellery hub on Ferozepur Road. It houses dozens of shops and is a key centre for gold trading in Lahore.
Traders said the suspect, Sheikh Wasim, had been known to them for decades. They explained that jewellers often exchange gold to show items to customers. Such exchanges are usually based on trust and professional relationships, often without written agreements.
The case gained wider attention when a video went viral on social media. It showed a man carrying a shopping bag. The clip was claimed to show the suspect leaving with gold worth nearly Rs1 billion. The video heightened public concern and put pressure on police to act quickly.
The Ichhra police initially registered a case under Section 406 of the Pakistan Penal Code. This section deals with criminal breach of trust and fraud. The complaint was filed by trader Ahmed Siddiqui.
Key Details of the FIR and Ongoing Investigation
According to the FIR, Siddiqui entrusted eight gold bangles to Wasim Akhtar on December 4. The bangles weighed 588 grams and were worth approximately Rs22.5 million. Siddiqui said he requested the gold back the same day. Wasim allegedly claimed that his sister-in-law had died and he needed to travel to Karachi. He promised to return the bangles on December 9.
Siddiqui later said the suspect’s phone was switched off. He became unreachable and did not return the gold. As the investigation progressed, it emerged that Wasim had business dealings with many traders in the market. Multiple victims came forward with similar claims.
Siddiqui also alleged that Wasim had sold his house in Lahore. When police broke into his shop and opened the safes, they found them empty. This added weight to the claims of large-scale fraud.
For nearly 30 years, Wasim Akhtar was considered a reputable trader in the gold market. Police said he had significant influence and had previously served as president of the jewellers’ association. His reputation made the allegations even more shocking for the local community.
Investigators said more arrests and recoveries may follow as the inquiry continues. The police are now working to trace the missing gold and determine whether others were involved in the fraud. Traders and authorities remain hopeful that the case will soon be resolved.
