Once Upon a Time in Mumbai

In March 1993, after his Ambassador car is being fished out of water, Assistant Commissioner of Police Agnel Wilson narrates to the Commissioner how he commenced his investigation against underworld gangster Sultan Mirza. He details how Sultan survived floods in Madras shortly after Independence; his arrival in Bombay; and his employment which earned him a mere 25 Paisa daily. Agnel's attempts to rein in Sultan fail, but he keeps tabs on him and his romance with Bollywood actress Rehana, as well as his new recruit Shoaib, the son of Sub-Inspector Khan. Agnel will find his investigation slipping out of his hands after Sultan temporarily delegates complete responsibility to Shoaib.

The story of Shoaib, an underworld don who came to power by killing his mentor and has extended his kingdom with the help of his best friend, Javed, and his former lover, Mumtaz. While visiting the area where he grew up, he meets Aslam, who becomes his accomplice.