Mastermind of Rs1 billion Lahore gold heist arrested in Islamabad

Lahore police have apprehended Sheikh Wasim, the principal suspect involved in Rs1 billion gold fraud targeting jewelers in Ichhra bazaar. The arrest, executed in Islamabad, was carried out with the aid of advanced technology, reported 24NewsHD TV channel on Thursday.

According to police authorities, Sheikh Wasim faces ten separate cases registered at Ichhra Police Station in connection with fraudulent activities, and his capture represents a significant breakthrough in the ongoing probe into the billion-rupee scheme.

Earlier in mid-December (2025), according to 24NewsHD TV, the accused allegedly defrauded his stepmother of over 150 tolas of gold, worth approximately Rs75 million, before going into hiding.

Investigators noted that his wife and children had reportedly left the country prior to the scam coming to light, and travel records suggested Sheikh Waseem frequently traveled abroad.

At least 40 shopkeepers from Ichhra Market had submitted formal complaints demanding swift legal action, while four applications had been verified.

Investigators estimated that the cumulative value of the alleged fraud exceeded Rs1 billion. 

This arrest demonstrates the effectiveness of intelligence-driven policing and intercity coordination between law enforcement agencies, ensuring that perpetrators of large-scale financial crimes are swiftly brought to justice.

Investigators stated that further inquiries are underway to ascertain the full extent of the suspect’s network and to recover any assets linked to the fraudulent transactions.

Police officials reiterated their resolve to employ advanced technological methods in tracking and apprehending criminals involved in sophisticated fraud schemes, sending a strong deterrent message to others engaged in similar illicit activities.