Dear Tenali,
If you are a hindu then your question doesn't make any sense because you should then agree that what we are is not a mere body but individual souls, our material body is like clothes that we change from one life to another. Individual souls are eternal and immortal: "there was never a time when you, me and all those kings did not exist...And it is also faulse to think that in the future we we will not be" said Krishna.
in the Gita chpt 2.
Thus when it is said that Shri Raghavendra is still present in the Vrindavan, most probably what is meant is that his soul is still there, although of course his physical body has been consumed as any other material element.
Second for what regards Raghavendra's swami's life, it is very wrong to treat him as "fake" because even if you don't believe in the miracles he has accomplished, still he was a great Acharya and a Saint and model for all of us as a devotee, so for this reason only he deserves immense respect.