Seemingly, the scoundrel and his abetters just absconded with the Sigilwave Figurine from its rightful owner and are trying to fence it for a cursed jade of untold value.
Any adventurous soul keen on hunting down the villain and his gang will need to set forth for the nearby Crumbling Hive of Yaladak, where a confrontation with its feared guardian, the Fire Oaf is all but a grim certainty.