Police have arrested Sheikh Waseem Akhtar, the main suspect in a high-profile gold fraud case, for allegedly fleeing with around 20 kilograms of gold belonging to multiple jewelers in Lahore.
The arrest was made in Islamabad after several cases were registered against him at Ichhra Police Station, following complaints from traders at Lahore’s well-known Latif Center gold market.
Initial reports claim that approximately 20 kilograms of gold were stolen in this case, however, the police say that the final quantity and value will only be determined after the investigation is completed.
The matter came to light in December when a gold trader named Sheikh Waseem, operating in Lahore’s well-known jewelry market, Latif Center, allegedly disappeared after taking gold belonging to other shopkeepers.
Following this incident, several shopkeepers of the market located on Ferozepur Road approached the police, after which a case was registered.
Meanwhile, a video also went viral on social media showing a person being taken away while carrying a shopping bag.
It was claimed about the video that the person shown was the same trader who allegedly disappeared with 20 kilograms of gold, said to be worth around one billion rupees.
Latif Center Lahore is considered a major hub for buying and selling gold, with dozens of jewelry shops operating there.
According to the FIR, on December 4, Ahmed Siddiqui entrusted eight gold bangles weighing 588 grams to Waseem Akhtar, the owner of Madina Jewelers, as a deposit. Their value was approximately 22.5 million rupees.
The complainant said that when he asked for the gold back the same day, the accused made an excuse about his sister-in-law’s death and said he was going to Karachi, promising to return the bangles on December 9. After that, however, his mobile phone was switched off.
Ahmed Siddiqui said that it was not only him, Waseem Akhtar had ongoing business dealings with the entire market.
He added that it later emerged that the accused also had gold belonging to many other shopkeepers.
