Faraaz is based on a true story to a considerable extent. But like many adaptations, it might have taken some artistic liberties to make the story more engaging for the audience.
I don't know much about 'Faraaz' being based on a true story. But in general, movies inspired by real events have the power to make us reflect on human nature, heroism, or injustice. If 'Faraaz' is such a movie, it could show us the real - life struggles and triumphs of the people involved. It might also inspire us to learn more about the background and context of the story, and perhaps even take action in similar real - world situations.
I don't know for sure. It might be well - known within a particular group of people, like in a local community or among Faraaz's friends and family. But on a broader scale, without more information, it's hard to say if it's widely known.