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Home » Ashwaraj: Karun Ka Khazana – A Powerful Second Chapter of Raj Comics’ Fantasy Legacy
Comics Updated:27 December 2025

Ashwaraj: Karun Ka Khazana – A Powerful Second Chapter of Raj Comics’ Fantasy Legacy

Where mythology, imagination, and heroism unite in Ashwaraj’s most mysterious journey
ComicsBioBy ComicsBio27 December 2025Updated:27 December 202507 Mins Read
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Ashwaraj: Karun Ka Khazana Review | Raj Comics Fantasy Series Part 2
Ashwaraj embarks on a destiny-driven quest in Raj Comics’ fantasy epic Karun Ka Khazana.
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This review is based on the second part of the famous ‘Ashwaraj’ series of Raj Comics, titled ‘Karun Ka Khazana’. This comic is not just a story of adventure and bravery, but it also reflects the era of Raj Comics when the combination of fantasy and mythology was presented beautifully. This 31-page comic takes the reader into a unique world, where there is a confluence of human and equine forms and no limit to imagination.

Prelude and Creative Team

‘Karun Ka Khazana’ is written by Tarun Kumar Wahi, who is known for his powerful imagination and strong storytelling. This comic has been art-directed by Pratap Mulik, whose name is counted among the best artists in the Indian comics world. The artwork is handled by Chandu, and editing is done by Manish Chandra Gupta, making both the story and the visuals strike a fine balance.

This comic carries forward the story of the previous part, ‘Ashwaraj’. In the first part, we saw that Ashwaraj sets out on a journey to rescue Princess Kudumchummi and bring Karun’s treasure, with the aim of fulfilling Dadbora’s condition. From there, the story of this second part begins.

The Essence of the Plot

The story begins with the yagya of Maharishi Phuk-Masan. The Maharishi reveals his twelve disciples with the help of a mysterious ‘dapor-shankh’ and sends them to stop Ashwaraj. Here, an interesting question arises in the story: what is the real purpose of the Maharishi—are they testing Ashwaraj, or do they really want to stop him from reaching the treasure?

First of all, the disciple named ‘Mesh’, who is a human with the power and appearance of a ram, blocks the path of Ashwaraj. There is a fierce battle between Ashwaraj and Mesh. In this battle, Ashwaraj’s willful power comes to the fore when he himself takes the form of Mesh and defeats him using his own strength and manner. Maharishi then sends his second disciple, ‘Vrish’, a warrior as strong as a bull. Ashwaraj, with his intelligence and physical strength, forces him to give up as well.

On the other hand, the villain of the story, Dadbora, and the demon Tutabuta are keeping an eye on Ashwaraj’s every move through a magical mirror. Dadbora is interested not only in Karun’s treasure, but also in the mysterious ‘Ashwamani’. Meanwhile, the story takes a major turn when Maharishi Phuk-Masan reveals the entire story of Ashwaraj’s past to King Chittint Singh.

Maharishi tells that there were once two great dynasties in Ashvaloka—Suryavanshi and Chandravanshi. The emperor of the Suryavanshi dynasty was Tarpido, and Ashwaraj was his son, while the emperor of the Chandravanshi dynasty was Ashvantaka. There was deep enmity between these two kingdoms. Amidst this rivalry, Ashwaraj falls in love with the Chandravanshi princess Ashvakirti. This love story becomes the cause of a terrible war between the two kingdoms.

The story of the past shows how Ashvantaka’s loyal bodyguard ‘Chinghoda’, a terrifying winged demon, attacks Ashvaraja and Ashvakirti. Ashwaraj kills Chinghoda with his courage and strength. When the princess’s father orders Ashvakirti to be executed, she runs to Ashvaraja to save her life. Ashvaraj hides her in a secret and safe place.

Returning to the present time, Maharishi Fook-Masan sends his third disciple, ‘Mithun’, half of whose body is female and half male. This character adds new mystery and adventure to the story. The comic ends on tremendous suspense, which leaves the reader completely eager to read the sequel ‘Ashwamani’.

Character Illustration

Ashvaraj (The Hero): Ashvaraj is not just an ordinary warrior, but an ‘wishful’ superman. His greatest strength is his unwavering courage and his deep rapport with his five special horses. He is half man and half horse like a ‘kentaur’ (centaur), which makes him completely different and special from all the other characters. This is the reason why Ashvaraj emerges as an extraordinary hero even in the most difficult situations.

Maharishi Fook-Masan (The Mysterious Sage): The most entrenched and mysterious character in this comic is Maharishi Fook-Masan. From the outside, it seems that he is continuously creating obstacles in the path of Ashvaraj, but from within, his motive appears much bigger and deeper. He is the architect who takes the story forward, behind whose every decision lies some test or the other.

Dadbora and Tutabuta (The Villains): Dadbora is a symbol of greed and selfishness, while Tutabuta represents pure demonic powers. The aim of both is only to gain treasure, and for this, they can stoop to any extent. Together, these two create a strong and dangerous villainous atmosphere in the story.

Ashvakirti (The Love Interest): Ashvakirti is a courageous and self-respecting princess who has the courage to stand up against her father’s wrong decisions. Her love with Ashvaraj is not just a romantic angle, but also adds emotional depth and human sensibilities to the story.

Art and Portraiture

The pairing of Pratap Mulik and Chandu has truly made this comic a visual treat. Ashvaraj’s battles with Aries and Taurus feel so lively with sound words like ‘thadak’ and ‘chadak’ that the reader feels as if he is standing in the middle of the battlefield. The grand palace of Ashvaloka, the royal costumes of the Suryavanshi and Chandravanshi emperors, and the design of their crowns show a brilliant blend of Indian culture and imagination. Meanwhile, the frightening appearance of demonic characters like ‘Chinghoda’, the detailing of his huge wings, and the cruelty of the Maharishi’s disciples, shown in depth, leave a deep impression on the mind. The use of bright colors, with the special identity of the 80s–90s, transforms the entire comic into a magical and mysterious atmosphere.

Writing and Dialogue Style

There is a smooth flow in Tarun Kumar Wahi’s writing style, which does not allow the story to feel burdened at any point. He moves very easily from the present to the past through flashbacks. Bravery and seriousness are clearly visible in the dialogues. For example, when Ashvaraj says to Aries—“moving forward steps back is a sign of cowardice,” this dialogue clearly reflects his strong intentions and fearless nature.

The secrets and information revealed by the Maharishi maintain the pace of the story. The choice of words is such that the reader begins to consider himself a part of that magical world.

Social and Cultural Messages

Along with entertainment, the comic carries many deep social and moral messages. The age-old enmity between the Suryavanshi and Chandravanshi states shows how dynastic pride, fanatic thinking, and long-standing conflicts can spoil the future of coming generations. Whereas the love of Ashvaraj and Ashvakirti proves that true love rises far above boundaries, politics, and family enmity. The character of Maharishi Fook-Masan brings out the traditional image of a Guru, where the Guru not only gives affection but also strengthens his disciple by putting him through difficult trials.

The Role of the 5 Horses of Ashvaraja

In this part as well, the five special horses of Ashvaraj take the story to a different height. They are not just his companions, but act like extensions of his senses. For example, Raktambar’s divine vision is so sharp that he can see up to the ‘Karun Valley’, located 5000 miles away. Black Eater senses approaching dangers in advance through his sense of smell. Ashwavat is not only powerful but also intelligent, and he talks to Ashvaraj and gives him the right advice. This concept of connecting horses with human consciousness and senses is extremely unique and creative in Indian comics, making the story of Ashvaraj a magical superhero fantasy.

Conclusion

‘Karun Ka Khazana’ of Raj Comics is a memorable and timeless creation that keeps the reader engaged from beginning to end. While the first part lays the foundation of the story, this second part is filled with emotions, secrets of the past, and tremendous struggles.

Final Thoughts

If you are fond of Indian comics and enjoy classic fantasy stories, then this comic from the ‘Ashvaraj’ series must be in your collection. This comic reminds us how high the imagination of Indian writers and artists once was. ‘Ashwamani’—the eagerness to know what happens next—is the biggest victory of this comic.

and iconic artwork from India’s golden comics era. Ashwaraj Karun Ka Khazana is a classic Raj Comics fantasy comic that blends mythology emotional depth imaginative world-building
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