Lahore police have arrested Sheikh Wasim, the main suspect in a Rs1 billion gold fraud that targeted jewelers in Ichhra Bazaar. The arrest was carried out in Islamabad using advanced technology.
Authorities confirmed that Sheikh Wasim faces ten separate cases at Ichhra Police Station for fraud-related activities. Police described the arrest as a major breakthrough in the ongoing investigation of the billion-rupee scam.
Reports indicate that in mid-December 2025, Sheikh Wasim allegedly defrauded his stepmother of over 150 tolas of gold, worth around Rs75 million, before going into hiding.
Investigators revealed that his wife and children had reportedly left the country prior to the scam being discovered. Records also show Sheikh Wasim frequently traveled abroad, complicating efforts to track him.
At least 40 shopkeepers from Ichhra Market filed complaints demanding swift legal action, with four applications already verified. Authorities estimate the total value of the fraudulent gold transactions exceeds Rs1 billion.
Police officials emphasized that the arrest demonstrates the effectiveness of intelligence-led policing and coordination between law enforcement agencies across cities. Advanced technology played a key role in locating and capturing the suspect.
Further investigation is underway to determine the full extent of Sheikh Wasim’s network. Authorities aim to recover assets linked to the fraudulent gold transactions.
Officials warned that large-scale fraud and scams involving gold will be met with strict legal action. The arrest sends a strong message to others attempting similar financial crimes.
In other related news also read NAB Detains Mastermind Behind Major Financial Scam in Pakistan
The case highlights the growing use of technology in tracking criminals and protecting public assets. Law enforcement officials reaffirmed their commitment to bringing perpetrators of high-value frauds to justice.
