Raghav is an opium dealer and money lender that Vinayak has borrowed from.
Over time, Vinayak becomes wealthy, and Raghav sees hard days and is desperate for cash to get an opium permit.
Knowing that Vinayak gets his gold from Tumbbad, Raghav uses his widowed daughter-in-law to try and seduce Vinayak and keep him away from Tumbbad.
Meanwhile, Raghav plans to head over to Tumbbad and steal the treasure. Unfortunately, his daughter-in-law gives away Raghav's plan to Vinayak.
Vinayak sets a trap for Raghav by placing a flour dough doll in a bag at the base of the womb.
Raghav knows nothing about Hastar. When he follows the trail from the well and reaches the womb, he opens the bag to remove the flour dough doll, which summons Hastar. Raghav gets struck by Hastar, and the blow merges him with the womb's wall.
Vinayak shows up, and mercy kills Raghav, so he doesn't suffer the grandmother's fate.