India’s ₹17.9 Crore Fake Painting Scam: How a Farmer, a Banker, and Forged Royal Provenance Shook the Art Market

When a respected investment banker in Mumbai decided to invest in what he believed were rare and historic artworks, he could not have imagined that the entire collection—and its supposed royal provenance—would unravel into one of India’s most elaborate art scams. What began as a legitimate purchase of prized paintings worth nearly ₹17.9 crore turned into a cautionary tale of false identities, forged paperwork, and fraudulent claims that shook the country’s art market.

The case, now formally charge-sheeted by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act, has revealed how easily perception and prestige can be manipulated when art, money, and trust intersect.

Scam Unveiled: The ₹17.9 Crore Art Fraud

The operation began with a web of convincing characters. At the center was lawyer Vishwang Desai, who allegedly acted as the intermediary connecting buyers and sellers of what were presented as rare artworks from royal and private collections. The pieces were marketed through an art dealer, Rajesh Rajpal, whose firm, Art India International, was said to have access to paintings once owned by a “Maharaja.” That Maharaja turned out to be Raghavendra Parmar, a farmer from Gujarat who, according to investigators, was misled into posing as royalty.

Authorities say the unsuspecting farmer signed multiple documents under the impression that they were routine forms, while the others used his name to fabricate a royal lineage for the artworks. These false credentials were then used to convince Mumbai-based investment banker Puneet Bhatia that he was purchasing genuine, historically significant paintings from a distinguished collection.

The group relied on a carefully staged illusion of authenticity. Certificates of provenance and authenticity were forged, accompanied by courier receipts that created the impression of art shipments from royal estates. In reality, the paintings were counterfeit works of little to no value. The fraudsters even generated fake invoices for gold, silver, and bullion transactions to mask the flow of funds, layering the money through multiple accounts to conceal its origins.

Investigators found that the defendants had developed a system to make the deals appear legitimate. Payments were routed through shell companies and intermediaries, and the documents bore official seals that imitated those used in state or royal archives. The deception was so well-orchestrated that it initially passed scrutiny from the banker’s internal advisors—until inconsistencies surfaced in 2023, prompting the complaint that triggered the ED investigation.

Legal Action: The Charge Sheet

The ED’s charge sheet lays out a detailed chronology of how money flowed from Bhatia’s accounts into entities controlled by Desai, Rajpal, and their associates. Assets worth ₹6.47 crore—including sculptures, silverware, and paintings—have been seized as proceeds of crime. The agency accuses the defendants of using the art market as a front for money laundering, citing violations under the Prevention of Money Laundering Act. The court has taken cognizance of the case, and hearings are expected to determine individual culpability, with potential penalties including imprisonment and confiscation of property.

Regulators and investigative agencies are increasingly recognizing art fraud as a form of financial crime. The ED’s involvement underscores how art transactions can intersect with money laundering, with fake art serving as a vehicle to move large sums under the guise of cultural investment. Industry experts have called for stronger due diligence requirements and government-backed provenance registries to verify artworks before they enter the market.

The lesson for collectors and investors is clear: authenticity cannot be assumed, even when transactions appear sophisticated. Before committing to a purchase, buyers should commission independent verification from multiple experts, demand detailed provenance records, and confirm ownership through written, legally binding documentation. Using escrow services or third-party custodians for high-value deals can further reduce risk. Diversification across more transparent asset classes is also advisable for those drawn to art primarily as an investment.

The story of India’s ₹17.9 crore fake painting scam is a sobering reminder that prestige and price can disguise deception. A farmer turned “Maharaja,” a respected banker, and a network of intermediaries together formed the script of an audacious con that fooled even seasoned professionals. As the case proceeds in court, it stands as a warning to art investors worldwide: trust must be earned, not bought—and every masterpiece deserves proof before belief.