In the early morning of 4 August 2013, a man named Jose George goes on the run after murdering his brother-in-law. While hiding near an under-construction police station, he notices Georgekutty emerging from the compound late at night under suspicious circumstances. Before Jose can make sense of what he witnessed, the police capture and arrest him while he attempts to flee with his family.
By 2019, Georgekutty, Rani, Anju, and Anu are leading a far more comfortable life. Georgekutty is now a successful businessman who owns a movie theatre and has ambitions of producing a film someday. However, Varun's death continues to haunt the family. Anju suffers from severe psychological trauma caused by the incident and lives in constant fear and anxiety. Rumours about her past occasionally spread through the town, leaving Rani emotionally disturbed and increasingly protective of her daughter. During this period, Rani grows close to her neighbour Saritha, often confiding in her about the struggles their family has endured. Unknown to Rani, Saritha and her abusive husband Sabu are actually undercover police officers planted near the family by Inspector General of Police Thomas Bastin, who has reopened Varun's case at the request of Geetha Prabhakar.
Meanwhile, Jose George is released from prison after completing his sentence. Struggling to reconnect with his estranged family and desperate to find work, he eventually learns that the police have reopened the Varun investigation. Suddenly recalling the events of the night he was arrested years earlier, Jose realises that Georgekutty had been near the unfinished police station at the exact time Varun went missing. Sensing the importance of this memory, he informs Thomas about what he saw for the reward money.
Thomas immediately contacts Geetha and Prabhakar before organizing an excavation beneath the now-completed police station. To everyone's shock, skeletal remains are discovered buried underneath the building.
Georgekutty, who has secretly been monitoring the police station through surveillance cameras installed nearby, notices the excavation taking place and realizes the situation has spiraled beyond his control. Soon after, he surrenders before the authorities.
Thomas summons Georgekutty and his family for interrogation. Despite intense questioning, Georgekutty, Rani, Anju, and Anu firmly maintain the same alibi they had given years earlier. However, the investigation takes a dramatic turn when the police obtain a secretly recorded conversation in which Rani unknowingly reveals details about Varun's death to Saritha. The police also discover that the family had been under surveillance for months.
As pressure mounts on his wife and daughters, Georgekutty finally claims responsibility for the crime in an attempt to shield his family from legal punishment. Although the police believe they have finally solved the case, Geetha remains unconvinced and continues demanding justice for Varun.
The matter soon reaches court, where Georgekutty unexpectedly pleads not guilty. His lawyer argues that the police have fabricated the entire case using the storyline of a crime novel titled Drishyam, written by Vinayachandran. It is revealed that Georgekutty himself had narrated the story idea to the writer years earlier while discussing a possible film project. At the same time, forensic reports create chaos inside the courtroom when DNA analysis confirms that the skeleton recovered from the police station does not belong to Varun.
Vinayachandran later discloses that Georgekutty had once narrated an alternate ending for his proposed crime thriller. In that version, the protagonist, anticipating that his original cover-up could someday be uncovered, secretly arranges for another unidentified corpse of a similar age and build to be used as a substitute. Over the years, he carefully preserves the skeletal remains while slowly gaining the trust of a morgue employee at the district medical college under the guise of discussing a role in his upcoming film project. On the very night the remains recovered from the police station are transferred for forensic examination, the protagonist quietly switches the bodies before the DNA testing can expose the truth.
The police slowly realize that Georgekutty had anticipated every possible outcome long before the investigation was reopened. Due to the complete lack of conclusive evidence, the court grants Georgekutty bail and orders the police to discontinue further action against him and his family.
Later, Vinayachandran quietly reveals to Geetha and Prabhakar that Georgekutty's “alternate climax” had one final twist, the protagonist would anonymously return the victim's buried remains to his grieving parents so they could finally perform his last rites.
At the same time, Geetha and Prabhakar receive Varun's remains anonymously. As Varun's remains are being finally immersed, Thomas quietly urges Geetha and Prabhakar to let go of their pursuit of Georgekutty. He admits that throughout the investigation, Georgekutty had always remained one step ahead, willing to go to any extent to protect his family. Thomas realizes that, while the police believed they were constantly watching Georgekutty, in reality it was Georgekutty who had been observing them all along, patiently anticipating every move they would make next. As Geetha and Prabhakar finally begin to find closure, Georgekutty watches from a distance before silently walking away, continuing to live in constant vigilance for whatever may come next.
