Gold worth over Rs1b goes missing from jewellery shop in Lahore

20kg gold had been deposited with a trader in trust, who is also missing, as police launch investigation

More than Rs1 billion worth of gold has reportedly gone missing from a shop in Achhra’s Latif Jewellery Market in Lahore, prompting police to launch an investigation into the matter.

According to jewellers in the market, over 20 kilograms of gold kept in trust with a local trader, identified as Sheikh Waseem Akhtar, has allegedly disappeared. Several jewellers had deposited their gold with him, but grew suspicious when he failed to show up at his shop for several consecutive days.

Traders said they eventually broke the locks to access the storage locker, where they claim they discovered that all the entrusted gold—valued at nearly Rs1 billion—was missing. One shopkeeper further alleged that the trader had also absconded with a committee amounting to Rs6 million.

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Police confirmed that a formal complaint has been filed by Muhammad Ahmad, one of the affected jewellers, at the Achhra police station. Officials said an inquiry has been opened and is being pursued from multiple angles.

A police spokesperson acknowledged receiving a complaint regarding the disappearance of the gold but noted that initial findings point toward a financial dispute rather than an outright theft. The spokesperson also said claims circulating in the market that the gold had been “stolen or disappeared” did not align with the facts established so far.

Police further stated that contrary to reports of multiple victims approaching authorities, only one complainant has formally come forward—and he is currently reluctant to proceed with additional legal steps.

Under directives from the DIG Operations, SP Model Town Shehrbano is supervising the investigation. Police said the inquiry remains under way and added that the media will be briefed as more details become available.