In November 1971, at an ISI detention cell in Karachi, a man endures brutal interrogation, and the film rewinds nine months to tell how he reached that moment. In 1971, Shrikant Rai, the Chief of the RAW, Jackie Shroff recruits Rehamatullah Ali, a.k.a. Romeo, a banker who has just managed to foil a bank robbery staged by RAW agents to test his espionage skills in Pakistan. After rigorous training in combat, covert communication, and stealth, he is sent across the border to begin his undercover mission.
In Pakistan, he adopts the alias Akbar Malik, John Abraham in the role, and operates with the help of Joker and Mudassar, Pakistani locals who work for RAW. His assignments bring him into a tense proximity with Isaq Afridi, played by Anil George, whose trust in Akbar grows as Akbar demonstrates his own claimed hatred for India while also saving Afridi from an attack orchestrated by Nawab Afridi’s henchmen. Akbar feeds RAW with information about a planned attack on Badlipur that would claim innocent lives in both India and East Pakistan, and his intelligence allows RAW to piece together the larger threat.
Yet the relationship between Afridi and Akbar becomes more complicated, and when Nawab Afridi offers him a chance to switch sides, Akbar refuses. On the way out of the rendezvous, Nawab forgets an envelope and asks Akbar to deliver it to a specific room. There, he confronts his girlfriend Shraddha Sharma and is stunned, exclaiming, > "You?" The moment is charged with secrecy: Shraddha signals him to keep quiet and reveals a bug in the room by showing a telephone receiver rigged with a transmitter, proving that her room was bugged. She discloses that she, too, is working for RAW and was placed there because Akbar had wanted someone close to him.
Meanwhile, Colonel Khan’s suspicions about Akbar intensify. The colonel arrests and tortures him in attempts to break his cover, but his hands are tied when Akbar remains Afridi’s trusted associate. Akbar escapes a subsequent pursuit and returns home to Mudassar, who urges him to flee. Akbar believes there is no safe exit, and Mudassar agrees to help by preparing tea as a ruse. Waiting for signs of danger, Akbar detects a presence and, when a gun fires, he uses the weapon Mudassar had provided for emergencies. He shoots the unseen assailant, only to realize it is Mudassar himself. Weeping and remembering Mudassar’s warning not to become entangled in attachments, Akbar escapes the scene. The next day, disguised as an army captain, he seeks out Shrikant for assistance. Shrikant refuses, telling him he’s not acting like an Indian anymore.
In the meantime, Shraddha and other RAW agents are arrested, while Joker takes his own life. Akbar then confronts the army officer who interrogated him and his superior, revealing the truth behind his actions. He resolves to carry out the attacks on Badlipur himself as a personal revenge against RAW. To prevent any double-cross, he is accompanied by Colonel Khan, and together they execute a sequence of bombings on the village. The explosions are framed as a warning under the pretext of dangerous weather, but the villagers have already been evacuated 24 hours earlier, ensuring there are no civilian casualties. The orchestrated strike serves to trigger the Indo-Pakistani War.
As the conflict erupts, Akbar, now operating under the Pakistani alias Walter Khan, reappears in Nepal after a decade, where he encounters Shrikant Rai and Awasthi, exchanging a brief, somber farewell before departing. Shrikant reveals that Walter remains undercover for India, and that his allegiance to Pakistan had always been a calculated part of a larger plan. The film closes on a poignant note: Walter salutes the Indian flag with tears in his eyes, signaling the complexity of his loyalties and the enduring cost of the covert war.
