Punjab Police have made a major breakthrough in a high-profile financial fraud case involving the Ichhra Sarafa Market. Gold worth more than Rs150 million has been recovered from a jeweller who allegedly defrauded fellow traders before fleeing Lahore. Senior police officials say the case is close to resolution after weeks of investigation and coordinated operations.
DIG Investigation Syed Zeeshan Reza shared details of the recovery during a media briefing on Monday. He said the accused was arrested in Islamabad after going underground and attempting to evade law enforcement.
How the Gold Fraud Unfolded
According to DIG Zeeshan Reza, the suspect, identified as Waseem Akhtar Sheikh, was a jeweller operating in the Ichhra jewellery market. He allegedly escaped with large quantities of gold belonging to other traders in the same market.
Police said the fraud was carefully planned. Before fleeing, the suspect reportedly sold his house and vehicles. He also liquidated family assets to avoid leaving behind recoverable property. Soon after, he disappeared from Lahore and went into hiding in Islamabad.
Victims began filing complaints as soon as the jeweller vanished. Multiple FIRs were registered against him at the Ichhra police station. Even his stepmother lodged a case, adding to the seriousness of the matter. Traders accused him of taking gold on trust and then disappearing without payment.
DIG Reza said the fraud involved gold worth hundreds of millions of rupees. The sudden disappearance of the jeweller sent shockwaves through the local Sarafa market.
Police Operation and Recovery Details
After the FIRs were registered, investigation teams were formed immediately. DIG Reza said police used both modern technology and human intelligence to track the suspect. Authorities also took steps to ensure the accused did not flee the country.
The investigation eventually led police to Islamabad, where the suspect was arrested. During raids and follow-up searches, police recovered 1,734 grams of gold from his possession. Officials estimated the recovered gold’s value at over Rs150 million.
In addition to gold, police also recovered more than Rs30 million in cash. Several vehicles were seized as well. DIG Reza said these recoveries significantly strengthened the case against the accused.
He added that the mystery surrounding the Ichhra Sarafa Market fraud has now “almost been resolved.” Police believe the bulk of the stolen assets have been traced.
Multiple Cases and Ongoing Investigation
DIG Zeeshan Reza confirmed that around 20 cases have been registered against Waseem Akhtar Sheikh so far. More complaints may follow as traders come forward. Police are still verifying records to determine if additional recoveries are possible.
Officials said further investigation will focus on identifying any facilitators who may have helped the accused hide or move assets. Authorities are also examining financial records to trace money trails linked to the fraud.
The case has highlighted vulnerabilities in trust-based trade practices within local jewellery markets. Police have urged traders to document transactions more carefully to avoid similar incidents in the future.
DIG Reza assured affected traders that the police will continue efforts to ensure maximum recovery and swift prosecution.
