The film begins on March 18, 1987, featuring a CBI interview conducted by the characters portrayed by Akshay Kumar and Anupam Kher. The storyline then transitions into flashbacks, as we follow Ajay Singh (played by Akshay Kumar), who contacts a local police station to request additional manpower for a CBI raid. He speaks to SI Ranveer Singh (portrayed by Jimmy Shergill), who agrees to send support officers. Alongside his accomplices, P.K. Sharma (Anupam Kher), Jinder (Rajesh Sharma), and Iqbal (Kishor Kadam), Ajay proceeds to conduct the raid.

After successfully raiding a minister’s residence, it is uncovered that Ajay and Sharma are imposters posing as CBI officers, along with their cohorts. They then proceed to their respective hometowns, blending back into normal life. Here, we are introduced to Ajay’s romantic interest, Priya (Kajal Aggarwal), a teacher engaged to be married. The group reconvenes in Chandigarh for Sharma’s daughter’s wedding, where old friendships are rekindled.

Meanwhile, Ranveer along with his superior meet the minister involved in the earlier raid. The minister insists that the details remain confidential to maintain his public image, leading to Ranveer’s suspension along with his colleague Shanti (Divya Dutta) for their negligence.

In New Delhi, CBI officer Waseem Khan (Manoj Bajpayee) is depicted living a domestic life with his wife (Neetu Singh) and child. After he apprehends a criminal named Gupta, we gain insight into his character. Eventually, a disheartened Ranveer crosses paths with Khan, and they unite their efforts to capture Ajay and his accomplices.

The plot thickens as Ajay orchestrates a raid on a trading business in Kolkata, masquerading as officials from the Income Tax Department. This second raid, though challenging, concludes successfully. Despite the risk of exposure linked to black money, Khan pushes for the incident to be reported in the press. Spurred by the intrigue, Ajay and Sharma scheme for a high-stakes operation in Mumbai.

As Ajay prepares for the final heist, his relationship with Priya is further explored, with her wanting to accompany him. He suggests they meet at the airport that afternoon. Conversely, Ranveer digs deeper into Sharma’s background, leading to a wiretap on his phone. Khan’s team gains critical information, tracking the crew to their hotel in Mumbai as they plot to rob a major jewelry store.

In a twist, Ajay posts a job advertisement seeking “50 dynamic graduates” to serve as a cover. Khan skillfully infiltrates the candidates, exposing the crew’s training regimen, which includes a mock raid. However, critical details about the actual raid remain elusive. Determined, Khan and Ranveer confront Sharma, who reluctantly divulges their robbery plans under duress.

On the day of the heist, Khan orchestrates a clever switch at the jewelry store, replacing valuables with fakes while monitoring the crew’s movements. Ajay instructs the recruits to remain at their designated meeting point, but Sharma cunningly diverts the bus to meet with Ranveer instead, betraying trust within their ranks.

As the plot unfolds, a raid is executed on the workshop where Ajay meets Priya at the airport afterward, leaving tension in the air. Realizing they have been outwitted, Khan laughs as he deduces that Ranveer was never a legitimate officer but part of the ruse all along. As the film culminates, Khan receives a cryptic money order from Ajay, signifying a playful acknowledgment of the cleverly executed con. In the closing scenes, we see Ajay and P.K. Sharma reveling in a cricket match in Sharjah alongside their families, celebrating their triumph.