ED Raids Unveil Art Fraud Cartel: Mumbai Sting Exposes Multi-Million Rupee Scam
(Judicial Quest News Network)
In a sweeping operation conducted by the Directorate of Enforcement (ED), Mumbai Zonal office, on 13-03-2024, search operations were carried out at 6 locations across Mumbai in connection with Rajesh Rajpal and associates. Digital devices and incriminating documents seized during the raids shed light on a sophisticated cartel engaged in the trading of counterfeit artwork, fabrication of authenticity certificates, and cash transactions involving prominent art galleries and individuals.
The investigation was launched following an FIR filed by Puneet Bhatia at Tardeo Police Station, alleging a financial scam amounting to Rs. 17.90 Crore orchestrated by Rajesh Rajpal and Vishwang Desai, who allegedly sold him fake paintings along with forged certificates.
During the operation, ED uncovered a network involving a prominent South Mumbai art gallery, a corporate lawyer, and bullion traders, who passed off counterfeit artworks of renowned artists like Jamini Roy, M F Husain, F N Souza, and others as genuine pieces. The cartel enlisted individuals posing as royalty, antique collectors, and artists to create replicas, bolstered by fake certificates and affidavits.
The money trail exposed a complex system of domestic Hawala transactions funneling proceeds as commissions or discounted artworks to cartel members. Cash generated from the sale of fake artworks was further laundered through the purchase and auction of antiques, with the proceeds deposited into bank accounts.
