Radhe Shyam is not based on real events. It's a work of imagination by the filmmakers to present a captivating story to the audience. The plot and characters are fabricated for cinematic purposes.
Well, it's hard to say for certain. Sometimes stories like this draw inspiration from real life but are embellished for dramatic effect. So, it might have elements of truth but not be a straightforward account of actual events.
It's not based on a completely real story. It might draw inspiration from various elements, but it's more of a fictional creation with some fictionalized aspects.