Police in Lahore have so far failed to make a significant breakthrough in what is being described as one of the largest gold fraud cases in the city’s history, involving gold worth nearly Rs1 billion allegedly taken by a jeweller from the historic Ichhra jewellery market.
Despite weeks of investigation, the prime suspect remains at large, while the number of affected traders continues to grow.
Dozens of Jewellers Come Forward With Complaints
According to police sources, around 40 additional jewellers have submitted applications seeking the registration of cases against the suspect, Waseem Akhtar, a long-time trader in the Ichhra market.
So far, six new FIRs have been registered after claims were verified in the presence of representatives from the Ichhra Jewellers Association. Authorities say the verification process for more complaints is ongoing.
How the Alleged Fraud Unfolded
Investigators say Waseem Akhtar had been operating in the Ichhra jewellery market for nearly three decades and was an active member of the local traders’ association. Due to his standing in the market, fellow jewellers reportedly trusted him with large quantities of gold, depositing ornaments in lockers at his shop.
Police allege that several weeks ago, the suspect quietly collected gold jewellery from multiple traders and then disappeared under suspicious circumstances.
The case came to light when a jeweller visited Akhtar’s shop and found it locked. Neighbours later informed police that the suspect had sold his house and vehicles and vacated the area. CCTV footage subsequently surfaced, allegedly showing him leaving with multiple shopping bags filled with gold ornaments.
Police Investigation Status
Confirming the lack of progress, Mohammad Naveed, SSP (Investigation) Lahore, said the suspect is still untraceable.
Key developments so far include:
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Travel history checks, which indicate the suspect has not left Pakistan
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Sale of the suspect’s shop, house, and vehicles prior to disappearance
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Reports that the suspect’s brother and family have also gone underground
Police are also probing possible links abroad, as the suspect’s children are reportedly studying in Malaysia, though no direct evidence has emerged so far.
Scale of the Alleged Fraud
Initial findings suggest that the suspect may have taken around 20 kilograms of gold from dozens of traders.
Some of the FIRs already registered include allegations of:
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Gold worth over Rs70 million taken from one jeweller
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Another complaint involving Rs90 million worth of gold
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Several cases ranging between Rs6 million to Rs10 million each
Authorities say these figures may rise further as more complaints are formally registered.
Senior Officers Monitoring the Case
Given the magnitude of the alleged fraud, the investigation is being personally supervised by senior police officials, including the Lahore police chief and DIG Investigation.
Police say the suspect appears to have planned the scheme carefully, keeping both his family and fellow traders unaware until he vanished.
What Happens Next?
Law enforcement officials say efforts are underway to:
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Track financial transactions
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Identify possible hideouts within the country
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Verify whether any accomplices were involved
Until then, victims continue to wait for answers in a case that has shaken trust within Lahore’s jewellery trade.
BleedGreen.pk will continue to follow developments in the Ichhra gold fraud case and provide verified updates as the investigation progresses.
