Artistic Fraud Unveiled: Fake Masterpieces Sold for Crores

The Enforcement Directorate (ED) has taken an assertive step in a significant fraud case by filing a charge sheet against five individuals, including a lawyer and art gallery owner. This follows allegations of selling counterfeit paintings of esteemed artists M F Hussain and S H Raza, among others, to an investment banker for a staggering Rs 17.9 crore.

The alleged masterminds of this art fraud claimed to have sourced the artworks from a 'Maharaja' and an ex-IAS officer. However, investigations revealed the 'Maharaja' as a struggling farmer and the IAS officer denied any involvement. The charge sheet was presented at a special court under the Prevention of Money Laundering Act, listing city-based lawyer Vishwang Desai and three others as accused.

The ED's exhaustive inquiry uncovered how Desai misrepresented himself as a seasoned art collector to deceive Puneet Bhatia, the investment banker. The fraudulent scheme involved fake documents and duplicitous claims, climaxing in the seizure of assets worth Rs 6.47 crore, allegedly accumulated from illegal proceeds.

(With inputs from agencies.)