LHC Grants Bail To Gold Trader In Rs 200m Fraud Case
LAHORE, (APP - UrduPoint / Pakistan Point News - 18th Sep, 2026) The Lahore High Court (LHC) on Friday granted post-arrest bail to gold trader Sheikh Waseem Akhtar in two cases involving an alleged 20-kilogramme gold fraud in Ichhra Sarafa Bazaar.
Justice Khalid Ibn-i-Aziz heard the bail petitions filed by the accused, who has been in custody since February 2026.
During the hearing, the defence counsel submitted that 21 cases had been registered against Sheikh Waseem Akhtar, but he had already secured bail from the subordinate courts in most of them. The counsel argued that certain provisions relating to dishonesty had been unnecessarily incorporated into the cases and that no receipts had been produced regarding the alleged delivery of jewellery.
The prosecution opposed the bail, arguing that the accused had been involved in the gold business in Ichhra and had been found guilty during the police investigation. It said the challan had already been submitted and statements of prosecution witnesses were being recorded, and requested dismissal of the bail petitions.
The defence counsel further submitted that 21 cases had been registered against Sheikh Waseem Akhtar at Ichhra police station. He said the accused had secured bail from the sessions court in 15 cases.
The court granted bail to the accused against surety bonds of Rs 10 million each in the two cases. It is pertinent to mention that bail of accused in three additional cases was still pending.