Raj Malhotra (Akshay Kumar), Boney (Deepak Tijori), Neelam Choudhary (Ayesha Jhulka) and Sheetal Nath (Sabeeha) are four pranksters in their college. Raj is younger brother of Inspector Suresh Malhotra (Shakti Kapoor), Boney probably has no relatives, Sheetal is the daughter of minister Kailash Nath (Prem Chopra), while Neelam is a rich heiress with her uncle (Anant Mahadevan) as her only living relative. Raj and Neelam as well as Boney and Sheetal are romantically involved.
Raj bets habitually and has not lost yet, but when he bets that he can extort money from Kailash, the remaining gang is skeptical. As per the bet, they make Kailash believe that Sheetal is kidnapped, while in reality they have housed themselves in a cottage outside Bombay belonging to Pillai (Johnny Lever).
When Raj makes the bet, he decides that Boney will pose as a kidnapper with him. Raj puts his plan into action and Kailash gets moving. Kailash panics and decides to not to alert the police. However, one of his aides smells a rat. On deciding that Sheetal has been kidnapped, Suresh is saddled with the case. Learning this, the group panics. Kailash, however, delivers the money, ignorant of the development. Raj and Boney recover the money and go to meet the ladies, who are still skeptical. Neelam sees them coming and goes to receive them. She is surprised to see the money and the trio calls Sheetal.
Sheetal arrives with a strange look on her face and collapses dead — revealing a knife in her back. The gang is taken unawares by this unexpected development, but quickly recovers and hides Sheetal’s body before anyone gets a scent. They successfully evade the suspicions of Suresh and finally manage to hide Sheetal’s body in trunk of a car parked in a theatre parking. Sheetal’s body is found and her kidnappers become prime suspects. Meanwhile, some strange developments are taking place: a dancer named Julie (Kunika) blackmails Kailash. It is revealed that Julie is a well-known dancer, but has been blackmailing Kailash for quite some time.
She asks a hefty amount; Kailash refuses. She threatens him and tells him to attend a dance show she has arranged. There, Kailash is supposed to give her the money as a prize. Neelam gets a pleasant surprise when her uncle shows up to see how she is doing. Coincidentally, he is going to attend the function too. Raj and Boney decide to participate. On learning about Julie’s meeting with Kailash, Suresh thinks that there is more to the case than it appears. Boney gets on stage to dance with Julie and, in the middle of the dance, recognizes her as the woman who nearly killed them.
Realizing that those accidents were more than a coincidence, he decides to confront her after the show. After the show, Neelam goes to her hostel while Raj goes home. Meanwhile, Suresh becomes confident that the trio is involved in the case. He confronts Raj, who tells the truth. Here, Boney comes to meet Julie, only to see her dressing room door is locked. He hears some voices and peeps through a keyhole.
Julie is with a man whom Boney is unable to see. Boney’s suspicion proves correct: Julie tells the man that she tried to kill the gang on his orders. She blackmails the man, too, and he kills her. At this point, Boney sees the killer and flees. The killer is alerted of Boney’s presence and sends goons to kill him. Raj and Suresh try to find Boney after they realize that he is missing. Meanwhile, Boney is stabbed and about to be killed by the goons when the brothers arrive. After Raj single-handedly takes on the goons, Boney tells him that Neelam is in danger before becoming unconscious.
Raj calls Neelam and alerts her; the phone gets suddenly disconnected. He rushes to her hostel with Suresh. Neelam is alone in the hostel and is horrified to find that the watchman is already dead. Meanwhile, Raj tells the truth to Suresh. Neelam gets attacked by the killer. She doesn’t get to see his face but is able to defend herself. She succeeds in throwing him out of the window, thinking that he is dead. As she is gasping for breath, the killer is revealed to be her uncle.
She is shocked. He tries to kill her. Raj and Suresh arrive in time to arrest him. While in lockup, he reveals the truth: He is not Neelam’s uncle. He is the manager of her estate, who was given her custody by her dying father, as Neelam had no other living relatives. He thought that he would get at least some part of the estate as her guardian, but her father’s will revealed that when she turns 18, he will lose all the estate to her. According to another clause, if she died before turning 18, he would inherit the estate.
Neelam’s premature death had to be natural, not foul play. Since he couldn’t risk becoming a suspect, he sent Neelam to Bombay under the guise of higher education. He hired Julie to kill the gang and to write off Neelam’s death as an accident. When Julie failed, he took the matter in his own hands. On learning the gang’s plan, he went to the cottage and killed Sheetal, mistaking her for Neelam. After his testimony, the gang is exonerated. Boney recovers and the gang gives Kailash his money back. Kailash forgives them, telling them to not to play such a rude prank with anyone.