Bhagwan, following on suggestion by Raj Kapoor made a film called Albela - staring himself and Geeta Bali. The film had music by C Ramachandra. The songs are still popular and the dance step used by Bhagwan was so popular that it became the default dance step of Bollywood superstar Amitabh Bachchan.
Bhagwan did try to duplicate the success of the movie with the same cast, but failed two times - the movies were called Jhamela and La'Bela.
He fell on really bad times. He had to sell his bungalow in Juhu and seven cars (one for each day of the week) and move to a chawl. Most of his associates left him in his time of need - except for C Ramchandra, Om Prakash, and Rajinder Krishan who used to pay him visit in his chawl apartment. Sadly, Bhagwan outlived them and died a sad man in 2002 at the age of 89.