A Pakistani man has been arrested in January 2026 in connection with a massive 100 crore rupee gold scam that stunned markets across Asia in 2025. Police say Waseem Akhtar, a well known Lahore jeweler was taken into custody in Islamabad, bringing a dramatic turn to what investigators call one of the region’s biggest gold fraud cases.
The case emerged in December 2025 in Lahore’s Ichhra Bazaar, where dozens of jewellers accused Akhtar of fleeing with nearly 20 kilograms of gold. The gold had been entrusted to him over decades for business purposes. When traders reached his shop at Madina Jewellers Market, they found lockers unlocked and completely empty. Multiple complaints were filed soon after, turning the lahore jewellery case into a national and regional scandal.
Waseem Akhtar Arrest Ends Asia’s Biggest Jewellery Scam
Reportedly, Akhtar tried to sell his old devices, which allowed police to use geofencing and CCTV footage to pinpoint his hideout in a nearby apartment. Investigators revealed he had already sold his personal assets, including his home and vehicles, before his capture.
Akhtar, a former head of the Ichhra Jewellers Association, is named in several FIRs. One trader told police he alone handed over gold worth more than 25 million rupees. Another complaint was filed by Akhtar’s stepmother, who claims he took 2.5 kilograms of her gold.
Police have confirmed the arrest but say recovery efforts are still underway. For the general public and business community, the waseem akhtar case has exposed deep risks in informal gold trading and raised fresh questions about oversight in South Asia’s traditional jewellery markets.
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