LAHORE: Police have so far failed to make a breakthrough in what is being described as one of the largest fraud cases in Lahore’s jewellery trade, involving gold worth an estimated Rs1 billion allegedly taken by a jeweller from the Ichhra jewellery market before he went missing several weeks ago.
According to police officials, nearly 40 additional jewellers have submitted applications seeking the registration of cases against the suspect, Waseem Akhtar, a trader who had been operating in the Ichhra market for around three decades. Following preliminary inquiries conducted in the presence of representatives of the Ichhra Jewellers Association, police have registered six new first information reports (FIRs) after verifying individual claims.
Investigators say the suspect was a well-known and active member of the local jewellers’ association, which represents hundreds of traders in the area. Due to long-standing professional relationships and trust, many jewellers reportedly deposited gold ornaments in lockers at his shop for safekeeping. Police allege that Waseem Akhtar gradually collected large quantities of gold from fellow traders before disappearing under what they describe as “mysterious circumstances”.
A police official said the first case came to light about two weeks ago when a trader visited the suspect’s shop and found it locked. Upon visiting his residence, neighbours reportedly informed the complainant that Waseem had sold his house and vehicles and left the area. Subsequent review of CCTV footage allegedly showed the suspect leaving with multiple shopping bags believed to contain gold ornaments.
Lahore SSP (Investigation) Mohammad Naveed told Dawn that the suspect remained at large and that efforts were ongoing to trace his whereabouts. He said airport authorities had confirmed that Waseem Akhtar had not officially travelled abroad. “Initial investigations suggest the suspect planned the fraud carefully, keeping even his relatives unaware,” the SSP said.
According to police, the suspect had earlier sold his original shop in the Ichhra market and later rented another premises to continue his business. He also sold his house, cars and other properties before vanishing. The SSP added that the suspect’s brother had also gone underground with his family, while Waseem’s children were reportedly studying in Malaysia.
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Police estimate that around 20 kilograms of gold were taken from dozens of jewellers. The Lahore police chief and DIG (Investigation) are personally supervising the investigation, officials said.
As many as six new FIRs were registered when the police held inquiries in the presence of Ichhra jewellers association representatives to verify their respective claims.https://t.co/E0meGIQjMD
— Dawn.com (@dawn_com) December 25, 2025
Among the newly registered cases, one complainant, Gulaiz, alleged he was defrauded of gold worth more than Rs70.4 million, while another jeweller, Mian Sohail, claimed losses exceeding Rs10.6 million. Separate FIRs cite alleged losses of Rs6.5 million, Rs90 million and Rs10.2 million, respectively.
Police said complaints from around 40 more traders were under scrutiny and would be processed for registration of additional cases as investigations continue.
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