Yeah I think your prediction makes sense. Sanskaar is older than SwaRag and it doesn't really make sense for the picture to be either Swara/Ragini because neither of them have been shown to remember him or anything. If he just had a random picture of them, then he'd come across as a stalker. So I don't think the picture could be of either SwaRag.
And another interesting point another forum member pointed out, was how Sanskaar was only remember Laksh saying he does know what it feels like to have his heart broken and that their destiny depended on God. He didn't remember Laksh saying ilu to Swara or anything, just the bit about heartbreak and the future. Which I think could've struck a chord with Sanskaar as we're all speculating --> he suffered heartbreak which also caused him to get thrown out of the MH (Maheshwari House)?
So he wants to prevent it from happening to his brother because it appears as if he really does love Laksh and likes Ragini. But at the same time, he wants to take revenge from DP by acting mad? Hence why he pushes DP in the precap?
Anyways, I think even Sanskaar crashing into SwaRag colony was probably planned by him. He must've been keeping tabs on the MF (Maheshwari family)?