Police have arrested jeweller Waseem Akhtar, the prime suspect in Lahore’s Rs1 billion gold fraud case, from Islamabad and shifted him to an undisclosed location.
Reports quoted officials as saying that a police team had been stationed in Islamabad for nearly 10 days before receiving a tip-off about whereabouts of Akhtar, who was wanted in multiple FIRs filed by fellow jewellers and his stepmother in connection with the Ichhra Bazaar gold fraud.
The case surfaced in December 2025 when Akhtar, former president of the Ichhra Jewellers Association, allegedly disappeared with 20kg of gold worth over Rs1 billion that traders had entrusted to him for decades.
When jewellers visited his shop, they found lockers unlocked and empty.
Police officials told a private media outlet that Akhtar frequently changed his location before being tracked down along with his wife. They added that Lahore Police wanted to conduct interrogation discreetly to maximise recovery of the stolen gold, but secrecy was compromised when Chief Minister (CM) Maryam Nawaz announced the arrest on social media.
Authorities noted that charges in the FIRs may not reflect the scale of the alleged crime, prompting investigators to pursue what they described as a “traditional” interrogation approach without immediately recording the arrest.
Reports suggest Akhtar had already sold his house, cars and possibly much of the gold.
Among the victims was jeweller Ahmad Siddiqui, who told police he had handed over ornaments worth Rs25 million to Akhtar. Another FIR was lodged by his stepmother, who claimed she had given him 2.5kg of gold.
The investigation wing later confirmed Akhtar’s arrest in a statement, saying he was nominated in multiple FIRs and that further inquiries were underway.