Rs150m Gold Recovered from Ichhra Jeweller in Major Fraud Bust

Lahore — Punjab Investigation police have recovered gold worth over Rs150 million from a jeweller arrested in Islamabad, cracking a high-profile fraud case that rocked Lahore’s Ichhra Sarafa Market and left dozens of traders out of pocket.

DIG Investigation Syed Zeeshan Reza announced the breakthrough on Monday, revealing that suspect Waseem Akhtar Sheikh had allegedly fled with gold entrusted by fellow traders. After multiple FIRs were lodged by victims and his stepmother at Ichhra police station, the accused went underground in the capital.

Key Highlights

• 1,734 grams of gold recovered from the suspect.
• Cash exceeding Rs30 million seized.
• Vehicles also recovered during operation.
• Suspect had sold his house and family vehicles before the fraud.
• Around 20 FIRs registered against him so far.
• Teams used modern tech and human intelligence for swift arrest and recovery.
• Accused prevented from fleeing abroad.

The DIG explained that Sheikh had pre-planned the crime, absconding with the valuables after liquidating assets. Police launched immediate tracking efforts across jurisdictions, ensuring no escape route remained open.

The recovery marks a significant win for Lahore’s gold traders, who had feared massive losses in the hundreds of millions. Reza emphasized the investigation’s focus on maximum asset retrieval while praising coordinated teams for resolving the mystery quickly.

This case highlights ongoing challenges in market trust and the need for vigilance in high-value trades. Authorities continue probing to trace any remaining assets or accomplices, sending a strong message that fraudsters will face swift justice and full recovery efforts in Punjab.

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