None of my theories have changed.
100% Shera is still Malhar.
I'm pretty sure that Ahir is dead and isn't the main culprit behind this. I think it's someone else, but someone we know.
This mastermind is the only person preventing Malhar from revealing himself so he has to be powerful and dangerous, like Minister or someone else.
I am 100% sure that Asha was bluffing about killing Malhar for the 2nd time. I think that's what caused all the confusion when Shera appeared on scene. All were confused and thought it was Malhar.
But when Shera's behavior was so different, they were convinced. But confusion was still there as Malhar was missing.
Kaka, I feel he's being manipulated or blackmailed into acting like this, I don't think he's evil, this is just a setup for this redemption track. Cause this combined with the Swara's diary truth being revealed, he will feel really guilty and will have to win over Anu. The whole having the same eyes as Shera thing, I feel that's either a lie or sone prosthetics nonsense.
Avni, 100% she will betray AS at the end and try to pin all the blame on her. She is either taking advantage of all the drama this mastermind is creating or she is helping the mastermind by passing info.
Tbh, not much to see in this track. I feel Kalyani will expose that Avni has been taking the money from Kaka and he'll calm down for timebeing and then, only issue is to reveal the real mastermind.