The history of Swarn Bhandar is shrouded in mystery and legend. Believed to have been constructed during the Mauryan Empire, possibly between the 3rd and 4th centuries BC, the caves are thought to have served as a treasury or a royal guardhouse. The main chamber is said to contain a vast amount of gold, protected by a magical seal that cannot be broken. Despite numerous attempts, no one has been able to penetrate the blocked doorway, adding to the site's mystique. Some scholars suggest the caves may have also had religious significance, possibly associated with Jainism. The inscriptions on the walls are yet to be fully deciphered, further complicating the history of the site and adding to its charm.