Police arrest Sheikh Waseem Akhtar accused of fleeing with 20kg gold

LAHORE/ISLAMABAD, January 22, 2026: 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 following complaints from traders at the Latif Center gold market.

Gold Fraud Comes to Light

The case first emerged in December 2025 when Sheikh Waseem, a trader operating at Latif Center on Ferozepur Road, allegedly disappeared after taking gold deposits from several jewelers. According to police reports, the total quantity and value of the gold will be confirmed once the investigation concludes.

One notable complaint involves Ahmed Siddiqui, who had entrusted eight gold bangles weighing 588 grams to Waseem Akhtar as a deposit, valued at approximately 22.5 million rupees. When Siddiqui requested the gold back, the accused cited a family emergency and said he was traveling to Karachi. After December 9, Sheikh Waseem’s mobile phone was switched off, raising suspicion.

Social Media Video Fuels Investigation

A video circulated online showed a man being taken away while carrying a shopping bag. Social media users claimed the person in the video was Sheikh Waseem Akhtar, allegedly fleeing with gold worth nearly one billion rupees.

Latif Center Jewelry Market Shocked

Latif Center is one of Lahore’s busiest gold trading hubs, with dozens of jewelry shops. Traders revealed that Sheikh Waseem had ongoing business dealings with multiple shops, and many now fear potential financial losses. Police have registered several FIRs at Ichhra Police Station against him.

Next Steps

Sheikh Waseem Akhtar has been taken into custody, and police are conducting a detailed investigation to recover the stolen gold and determine the full extent of his alleged fraud. Authorities have assured affected traders that legal action will be taken against him.