Copying what I posted in the Which quirks of Raghav Rao should Raunak Reddy have? poll:
I wasn't expecting Raunaq Reddy to have Raghav Rao's background music and the mangled-beyond-recognition Telugu lines from the Mehandī Hai Racanevālī title song playing as he launched into a Raghav-style lecture on respectful speech and declared that Raghav Rao is the Don of Hyderabad.
Chandani only called Raunaq "Raghav," and Raunaq assumed that she meant "Raghav Rao." So, Raunaq Reddy knows who Raghav Rao is - not as a character on TV but as his lookalike in the Cāśanī universe. They're not twins if both are telling the truth about their ages: Raghav gave his age as 27 in March 2021, while Raunaq says he is 27 now.
If Raunaq's information is up to date, Raghav has openly returned to the racketeering that he pretended to give up when Pallavi didn't die. After that point, Raghav was still manipulating the police force to punish Laxmi, but not openly, since he allowed himself to be arrested for rape. Raghav being a Don again implies that his relationship with Pallavi has taken another twist. Maybe they broke up, or Pallavi died, or she simply reverted to ignoring her pati-parameśvara's flaws.