In the bustling Haji Ali neighborhood of Bombay, two professional photographers, Vinod Chopra, Naseeruddin Shah, and Sudhir Mishra, Ravi Baswani, join forces to open a modest photo studio after a rocky start. Their talent catches the eye of Shobha Sen, Bhakti Barve, the sharp editor of the glossy scandal sheet Khabardar, who hires them to cover a story that could shake up the city’s elite. The assignment centers on a murky alliance between Municipal Commissioner D'Mello, Satish Shah in the background of power, and Tarneja, Pankaj Kapur, a determined builder with grand plans for the city’s skyline. As the two journalists dig deeper, they discover Tarneja and Ahuja, Om Puri, a rival magnate, conspiring to feather their own nests by steering lucrative fly-over contracts their way. Shobha asks Vinod to orchestrate a rift between Tarneja and Ahuja, playing on fears and ambitions, and Vinod quietly steps into the role, meant to expose, but never fully trust, the competing interests at stake.
The plot thickens as Tarneja and Ahuja clash, while Priya, Tarneja’s secretary, Neena Gupta, arrives with Srivastav, Deepak Qazir, the Assistant Municipal Commissioner, to weigh in on the bribery scheme. They learn that D'Mello did not hand the contracts to either of the two businessmen, but to someone else entirely, complicating the supposed criminals’ calculus and widening the web of deceit. Amid this political theater, Vinod and Sudhir decide to enter a photography contest with a tempting prize of Rs. 5000, racing across the city to capture moments that might reveal more than they bargained for.
During their shoot, a man is seen firing at someone, and the enlarged frame makes Tarneja appear to be the killer. They rush back to the park where the shot was taken, trying to piece together the mystery, only to find the crime scene itself betrayed by night and secrecy: a corpse hidden behind the bushes disappears just as they approach, leaving behind only one gold cuff link as a clue.
Time passes, and Srivastav ascends to become commissioner. Tarneja unveils a new fly-over, dedicating it to the memory of the late D'Mello, claiming a terminal illness ended the commissioner’s life. At the inauguration, Vinod and Sudhir spot the second cuff link at the site, and they later dig up the area again, uncovering a coffin containing D'Mello’s body. They photograph the discovery, but the body vanishes once more, fueling a cascade of rumors and blackmail. Shobha uses the photographs to threaten Tarneja, who counters by inviting the trio to dinner and planting a time bomb, intending to eliminate them along with the incriminating evidence. The explosion barely spares them, and soon the news reports the fly-over’s collapse as sabotage attributed to Vinod and Sudhir, forcing the journalists to retreat from Shobha’s blackmail playbook.
Refusing to be manipulated, Vinod and Sudhir cut ties with Shobha and continue their investigation. They realize the body may still be with Ahuja, who, in a drunken stupor, had carried the coffin to his farmhouse. The pair steal the corpse, but the chase pulls Tarneja, Ahuja, Srivastav, Shobha, and a tangle of others into a series of comic misadventures and near-misses that blur the lines between crime and farce. When they finally bring their evidence to the police, Tarneja threatens to drag everyone down with him. Srivastav brokers a deal among the principal players—Tarneja, Ahuja, Shobha, and himself—and frames Vinod and Sudhir for the bridge’s collapse, landing the two journalists behind bars.
In the final act, Vinod and Sudhir are released, still in their prison garb, and share a quiet, symbolic moment that hints at a hopeful defiance against a corrupt system. The film settles on a darkly comic note: even as the city’s power brokers play their dangerous games, the two photographers walk free, their friendship steady and their camera still ready to document truth, no matter how tangled the truth may be.
