Now for the story. 'Phir Hera Pheri' as we all know is the sequel to 'Hera Pheri' with the famous threesome; Raju (Akshay Kumar), Shyam (Suneil Shetty) and Baburao (Paresh Rawal). 'Hera Pheri' ended with the trio becoming rich in the end.
As usual the street smart Raju comes across a scheme of doubling money in a matter of two weeks. All he needs to invest is a minimum of Rs. 1 crore with a chit-fund company headed by Anuradha (Bipasha Basu). Shyam and Baburao are reluctant initially but soon get lured by it. They contribute Rs. 10 lacs each.
Raju manages to dupe a street side goon played by Rajpal Yadav into contributing 20 lacs and the rest he manages by selling their bungalow to a Parsi gentleman (Dinesh Hingoo).
Two weeks later the trio realizes that the chit-fund company was actually a big scam. The goon also finds himself in troubled waters since he had borrowed money from a dreaded gangster, Tiwari (Sharat Saxena), who will kill him if he does not pay up.