Victoria No. 203

The movie is about the heist of some of the world's rarest and exquisite diamonds which are worth more than 300 crores. Bobby Bombata (Javed Jaffrey) a huge industrialist and his girlfriend Devyani (Preeti Jhangiani) plan the theft of these diamonds along with Ranjit (Kamal Sadanah) a cold-blooded assassin. They hire Tora (Tora Khasgir), an expert dacoit to carry out the action. Tora double crosses Bobby with the help of her brother Karan (Rajesh Khera), but in the process gets killed. But she hides the diamond in a carriage, Victoria No.

203. Raman, the driver of the carriage Victoria No. 203 is unaware of this and offers to help her, but the police level charges of murder and put him behind bars. A diamond expert Jimmy (Jimmy Sheirgill) and two small-time-but-quite-old crooks Raja (Anupam Kher) and Rana (Om Puri) are also behind the diamonds. Raman's daughter Sara (Sonia Vinod Mehra) takes up the responsibility of freeing her father.

Who gets the possession of the diamond forms the rest of the story.