Ichra gold fraud suspect caught in Islamabad

Police have arrested Sheikh Waseem, the main suspect in Ichra gold fraud case, after tracing him from Islamabad.

According to police, Waseem was wanted in connection with allegations that he fled Lahore in early December after taking about 20 kgs of gold entrusted to him by fellow gold traders for safekeeping. 

Multiple complaints, including at least ten FIRs, for breach of trust and fraud, were registered at Ichhra Police Station against Sheikh Waseem.

The incident was initially reported when traders discovered that safes and lockers at the Latif Centre, a gold jewellery market, were emptied. A CCTV footage was then circulated online showing the suspect leaving the market with bags of gold valued at nearly Rs1 billion.

Intelligence agencies, along with police, tracked Waseem and arrested him without resistance in Islamabad on 22 January. 

Authorities, however, claim that the exact quantity and value of the missing gold will be confirmed once investigations conclude.

Furthermore, investigators are working to recover the missing gold and determine whether others were involved in the high-profile fraud.