- As a smuggler rises to power in in 1970s Mumbai, a younger gangster seeks to overthrow him and a police officer is caught in the middle.
- In March 1993, after his Ambassador car is being fished out of water, Assistant Commissioner of Police Agnel Wilson narrates to the Commissioner how he commenced his investigation against underworld gangster Sultan Mirza. He details how Sultan survived floods in Madras shortly after Independence; his arrival in Bombay; and his employment which earned him a mere 25 Paisa daily. Agnel's attempts to rein in Sultan fail, but he keeps tabs on him and his romance with Bollywood actress Rehana, as well as his new recruit Shoaib, the son of Sub-Inspector Khan. Agnel will find his investigation slipping out of his hands after Sultan temporarily delegates complete responsibility to Shoaib.—rAjOo (gunwanti@hotmail.com)
- March, 1993. Mumbai, the financial capital of India, is rocked by a series of bomb blasts. The police official investigating the fiasco, ACP Agnel Wilson, feels personally responsible for the tragedy as the mastermind behind the blasts, Shoaib Khan, could've been stopped back in the 1970s when Wilson, tasked with bringing down organized crime in then-Bombay, focused all his attention upon rather than understand the man who could have ensured Shoaib never rose to such a position to execute such a catastrophe: the notorious but honourable deceased crime boss, Sultan Mirza.—ankit-singh92
- A suicide attempt by once DCP Agnel Wilson (Randeep Hooda) on pretext of Mumbai Blasts in 1993. He survives & puts the blames for riots on himself, quoting 18 years ago when he never took serious actions in rise of Shoaib Khan (Emraan Hashmi) who has a major hand in these blasts. Wilson claims that if on those days of Mumbai had he stopped the rise of Shoaib Khan, Mumbai would not have been deluged in the carnage today, then he narrates the time in Mumbai during the days of 1970, when it was ruled by Sultan Mirza (Ajay Devgan), who by his wits had become an underworld smuggler of gold and watches.
It is shown that after hit by a flood in Chennai, Sultaan Mirza lands in Mumbai where he works in a dock as a porter and smuggles gold items in his mouth, despite earning meagerly he never fails to help the poor and needy and earns their support and respect, slowly he becomes the kingpin of smuggling world in Mumbai. He divides the area among 4 gangsters peacefully & brings peace to Mumbai. He is basically a smuggler who has his own principles like he never smuggles drugs etc. He does the wrong things in the right way.
Meanwhile focus shifts on Shoaib Khan, who is very ambitious in reaching the top place in the underworld. He wants to be the 'Don' ruling Mumbai under his feet. He is involved in small robberies. He and his goons beat up a local man injuring him badly and then redirects him at a doctor's house. While the doctor and his wife nurse the injured, Shoaib and his goons ransacks the house and flee with jewelry and household items.
Sultan Mirza has a crush on Bollywood actress Rehana (Kangna Ranaut) and eventually the two date each other causing Mirza to invest money on her upcoming films. At that time police inspector, Agnel Wilson, is given the responsibility to stop Sultan's illegal activities. Wilson targets Rehana's films and stop all the films which were invested by Sultan Mirza, causing a downfall in her career. Sultan hatches a plot with Rehana and the two eventually trick Agnel in taking bribe and he gets trapped in newspaper, spoiling his image.
Meanwhile Shoaib is getting notorious day by day which worries his father SI Khan, and he requests Sultan to take care of him. Sultan visits Shoaib and opens an electronic shop for him. Shoaib works in the shop but never being satisfied, he tells his friends that he wanted to be as rich and respected like Sultan. Shoaib's girlfriend Mumtaaz (Prachi Desai) works in a local Jewelry shop, which Shoaib visits and intercepts him giving him the prized jewelry which he has stolen. In one saga the lady of the stolen necklace recognizes it and she with her husband accuses Mumtaz being a thief and when they reach Shoaib's electronic shop accuses him as thief.
In retaliation, Shoaib beats the owner of the necklace and destroys his shop. He goes to Sultan and ask him to take him in his gang. Seeing his ability, Sultan agrees and under Sultan, Shoaib earns the trick and becomes Sultan's trusted aide. He also executes one of the police informers who is there with Sultan acting on Inspector Agnel's words. Sultan's business grows and he smuggles gold in ambulances and public transports.
After his success, he goes to Delhi to meet the home minister for forming a political party giving the power to Shoaib in his absence. The twilight of money and over ambitiousness of Shoaib leads him to do all sort of illegal work, which Sultan has never done. He manufactures poisoned Liquor, which kills many people, accepts contract killings, investing in drug peddling and run extortion rackets and becomes stronger and feared in Mumbai. Meanwhile Sultan returns to Mumbai and finds the truth he at once meets Shoaib and slaps him for his unethical activities.
This infuriates Shoaib and he plots for revenge. One day while campaigning for his new party and addressing the people, Shoaib shoots Sultan, who collapses in front of people thus ending a saga of a smuggler who was loved by his people.
Narrating the story, Agnel admits later now Shoaib has established an empire and operates from other counties as a king of Mumbai. No political party or power can reach him or harm him. The end shows Shoaib sitting on chair smokes and smiles as undefeated power in the underworld.
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