Plot
Hera Pheri ended with the trio of Raju, Ghanshyam, also known as Shyam, and Baburao Ganpatrao Apte finding themselves wealthy beyond their imagination, and Phir Hera Pheri tells the story of what happens after they become wealthy. The film begins with a prologue bringing the audience up to reason, stating that each has suffered a personal loss despite their new riches. Raju lost his widowed mother, Savitri Devi, from an illness; Shyam lost his only love, Anuradha Shivshankar Panikar, in an accident; and Baburao, having nothing to lose in the first place, lost the little traces of common sense that he did possess. In the present, the trio has three cars, a lavish mansion with a huge swimming pool (that Baburao is yet to familiarise himself with), and a very easy life while splurging on various luxuries. However, things take a turn when Raju receives a phone call on Baburao's old telephone with a scheme to double his wealth in 21 days. He meets with an attractive young woman named Anuradha Munjal, who is the manager of an agency called "Laxmi Chit Fund" in the business district of Mumbai, and convinces Shyam and Baburao as well to go along with it. Raju first arranges for ₹30 lakhs from Shyam and Baburao, and then convinces a simpleton, Pappu, to contribute the remaining balance of ₹20 lakhs, so that he can come up with the minimum investment of ₹1 crore, which Anuradha has promised to double. After 21 days, the trio visits the Laxmi Chit Fund office to collect their doubled wealth of ₹2 crores, only to discover that Anuradha and her company have disappeared. To make matters worse, they do not even have possession of their mansion, which Raju had already sold off in order to arrange the amount of ₹50 lakhs. Realising that Anuradha was a conwoman and that they are now penniless, the devastated trio is now forced to reside in a shanty room in a chawl (Indian tenement), and Anjali Patekar is the daughter of the paralysed chawl accountant, who also arrives to collect the rent.
Meanwhile, Raju mysteriously discovers Anuradha at a dance bar one day, but is later unable to find her when he returns there with Shyam and Baburao, much to their dismay. Elsewhere, Pappu arrives at the trio's former mansion to take his portion of the money, only to find that Raju has left and the mansion is now in the possession of a Parsi gun collector. Later, Pappu happens to meet Raju, and pretends to be sympathetic on learning about the scam. He tricks Raju and brings the trio to Tiwari Seth, a lisping, but dreaded underworld gangster, whom Pappu had borrowed the money from. Pappu informs Tiwari Seth that the trio has taken the money, and Tiwari Seth threatens to kill them if they do not pay up the amount on time. However, the trio manages to escape while being taken home by Tiwari Seth's henchmen, and is about to leave the city when Raju remembers that he owes money to Anjali. The trio heads over to her house and is surprised to find that she is Pappu's sister. Tiwari Seth's henchmen arrive and kidnap Anjali because Pappu has not returned the money. Feeling guilty as he is the one who trapped Anjali, Raju decides to return to Tiwari Seth and get her released, but Shyam and Baburao refuse to leave without them and decide to stay as well. The trio returns to Tiwari Seth and he releases Anjali, but orders them to pay him back ₹40 lakhs in three days, or else they will themselves be killed. At home, Raju overhears their chawl neighbour, Munna Bhai, who is also a gangster, planning to steal drugs from a third gangster, Nanji Bhai. Raju wrongly assumes them to be talking about stealing money, and comes up a plan for the trio to steal from Munna Bhai's gang in turn. Meanwhile, Tiwari Seth seeks Pappu's help in stealing a collection of 17 antique guns from the Parsi gun collector, who is the new owner of the trio's former mansion. However, Tiwari Seth's henchmen betray him and sell the three most valuable guns (worth crores each) locally to Kachra Seth, a scrap dealer who also deals in stolen goods, and the trio, in turn, purchases the three guns locally from Kachra Seth for their mission.
After Munna Bhai's gang steals from Nanji Bhai's gang and returns home, the trio wears clown costumes in order to hide their identities and uses the guns to successfully steal from them. However, the theft contains only drugs and no cash, but Raju informs Shyam and Baburao that the drugs are worth at least ₹3 crores. The trio believes that if they can sell the drugs to Kachra Seth and pay off the loan to Tiwari Seth, they can also become wealthy again. While offering the drugs sample to Kachra Seth, Raju meets Anjali, who discovers that Raju offered himself as collateral to Tiwari Seth in order to save her life and joins hands with him. Subsequently, the trio is surprised to find Anuradha being pursued by some criminals and rescue her. Anuradha reveals to the trio and Anjali that the criminals were led by Chhota Chetan, the close aide of Kabira, who was the gangster in the previous film and is now in prison), and that she is the sister of Kabira's divorced former gang member, Radha, who is also now in prison. The entire scam of the Laxmi Chit Fund company was created by Chhota Chetan in order to seek revenge on the trio, and the only reason Anuradha agreed to it was that Chhota Chetan had kidnapped the young daughter of Radha. Anuradha converted the obtained money into diamonds to pay the ransom, but escaped with them once she discovered that her niece had already escaped from Chhota Chetan. She gave the diamonds to her uncle, Abdul Chacha (Bomie E. Dotiwala), who hid them under the decoration of a circus train (named "Kook-Doo-Koo"), and was later killed by Chhota Chetan's pursuing henchmen. After learning this, the trio and Anjali join hands with Anuradha and plan to recover the diamonds hidden by Abdul Chacha together. Meanwhile, Kachra Seth happens to take Raju's drugs sample to Nanji Bhai, who identifies it to have been stolen from himself. He forces Kachra Seth to make the trio return the drugs to him in exchange for commission. Elsewhere, Munna Bhai's henchmen find the remaining drugs stolen by the trio at their house and take them back along with the three guns. Tiwari Seth's henchmen also reach to collect the money at the same time the trio returns with Anjali and Anuradha, whom Tiwari Seth's henchmen then kidnap.
After planning on using fake suitcases to trick Kachra Seth and Nanji Bhai into giving them money and then pay off Tiwari Seth's loan with it, the trio summons both Tiwari Seth and Kachra Seth and Nanji Bhai to arrive at the Great Royal Circus, with Pappu, Munna Bhai and Chhota Chetan overhearing them and heading to the circus as well. The Parsi gun collector too sees Munna Bhai with his guns and follows him to the circus, while the group of actors who drop the trio off to the circus also learn about the money there and decide to follow. The trio initially tricks Kachra Seth and Nanji Bhai with the fake suitcases and takes the bag of cash, which they open to discover that the banknotes are fake and contain the photographs of Amitabh Bachchan and Shah Rukh Khan. With no other choice, the trio decides to give the fake money to Tiwari Seth, hoping he will assume that it is real. Tiwari Seth does so and releases Anuradha and Anjali, but after Kachra Seth and Nanji Bhai discover the fake suitcase, they confront the trio and get into an argument with Baburao, who accidentally reveals that the money is also fake. At the same time, Pappu, Munna Bhai, Chhota Chetan, the Parsi gun collector and the group of actors reach the circus as well with the motive to obtain the drugs. During a prolonged cat-and-mouse pursuit in the circus premises, the trio takes the drugs and tries to escape from all the criminals, while Anuradha is reunited with her niece. Subsequently, everyone learns about the diamonds hidden by Abdul Chacha and begins searching for them, but all the diamonds and drugs are thrown down all over the ground in public by a gorilla. Soon, Raju summons the police to the scene and Tiwari Seth, Pappu, Kachra Seth, Nanji Bhai, Munna Bhai, Chhota Chetan and the Parsi gun collector are all arrested for their crimes, while the trio escapes from the circus in a jeep along with Anuradha, Anjali and Anuradha's niece. Later, Raju escapes by himself with the bag containing the Parsi gun collector's guns, not knowing that the bag also contains Pappu's mobile phone. Before being taken away by the police, Pappu informs Shyam and Baburao that the guns currently with Raju are worth ₹6 crores. The film ends on a cliffhanger as Raju, unaware of the value of the three guns, attempts to throw them into the sea for good, with Pappu's mobile phone (which he had discovered earlier and held into his mouth) ringing as Shyam and Baburao desperately attempt to call Raju through a payphone. [6]
