Jeetu (Shahid Kapoor) is constantly getting himself and his father into trouble because of his inability to properly manage money. Plunging them both into debt, Jeetu breaks off his engagement with his fiancé, Pooja (Sushma Reddy) and decides to commit suicide by throwing himself into the sea. Jeetu thinks that by killing himself, he can do something right for once: his father can use the money from his life insurance to pay off his debts. Unfortunately, it does not go as planned and Jeetu is found tangled in some nets by a pair of fishermen, Gundya (Paresh Rawal) and Bandya (Rajpal Yadav). Gundya owes money to a Gujarati businessman, Prabhat Singh Chauhan (Om Puri). They find a note containing people's names with the amount written next to the name in Jeetu's pocket, which makes them think Jeetu is rich who has lent money to these people, rather than in debt. Jeetu does not want to reveal too much, and therefore pretends to be mute and deaf. To add to their problems, Prabhat Singh Chauhan takes away Gundya's boat, the only source of Gundya's income so that he pays back the money he owes to Prabhat. The two fishermen visit Prabhat's house to request back their boat, only to be asked by Prabhat to leave something of value in return as a guarantee. Gundya cunningly makes him believe that Jeetu is his loving nephew and leaves both Jeetu and Bandya as a guarantee.