Well I found out from IMDb what the phrase means: It's because you've been trying to translate the wrong word 
It's "SUDHA" not "SUBA".
It has different meanings based on context, but it means "clean", "intelligence", "purity", "proper" and even "true".
"Mola Ram Sudha Ram" could translate to: "Mola Ram is the True Ram" (Ram refers to "Prince Rama", an Indian prince who is supposed to be an avatar of God who slew demons, had epic adventures and is one of the great Hindu heroes and manifestations of godliness).
So "Mola Ram Sudha Ram" is a sort of evil blasphemy, comparing Mola Ram as an avatar of God
It's "SUDHA" not "SUBA".
It has different meanings based on context, but it means "clean", "intelligence", "purity", "proper" and even "true".
"Mola Ram Sudha Ram" could translate to: "Mola Ram is the True Ram" (Ram refers to "Prince Rama", an Indian prince who is supposed to be an avatar of God who slew demons, had epic adventures and is one of the great Hindu heroes and manifestations of godliness).
So "Mola Ram Sudha Ram" is a sort of evil blasphemy, comparing Mola Ram as an avatar of God