Something's don't really add up though, for example, why would he want Ragini to take tender pics when the file is easily accessible to him or how is it possible for any character to quickly change clothes and get out of the house when the situation is so tensed?
It's likely that Adarsh is creating a rift between Swaragini, Raglak and maybe Sanskaar and Laksh as well, when Sanskaar finds out that the project information has been leaked. Why else would it be explicitly started that Laksh is handling the project?
Seeing the current ratings, cvs will be taking a major risk if they decide to revolve the story around a secondary character. No ones interested in Adarsh and Parineeta because they were never given importance in the first place.
Some people are suggesting that it's Sanskaar's look like. Honestly speaking, that would be a better option considering it's gonna be totally unexpected for the audience and Sanskaar will be shown in a gray shade once again. We can then have a Ragini vs Who Ragini thinks is Sanskaar but is someone else in reality, Swara vs Ragini considering Swara won't believe Ragini that easily.
Here's a question, would you rather have Adarsh as the blackmailer or Sanskaar's lookalike? Do share your views.