Ramesh [I.S. Johar], "Prince of Pagdandi", comes to town in search of rich widows-to marry ! In fact he is out to relieve them of the burden of their costly jewellery.
Mahesh [Mehmood] disguises himself as a rich Sindhi widow, marries Ramesh, goes on a honeymoon and robs him of everything he had. Mahesh goes out and opens a jewellery shop.
Ramesh becomes a 'Sheikh' reaches Mahesh's shop and takes away everything.
Both of them became astrologers and come out to the hotel on their regular business-out-witting each other-resulting in a total loss.
To put an end to their personal losses both divide Bombay, area by area, for their crooked operations.
A rich man from Hong Kong comes to Bombay to die. His death is announced in newspapers and a real 'heir' in the urgent want. Both the crooks prepare themselves and reach the 'No-Man's -Land' to claim their relations.
But before they could get-rich-quick, the dead one becomes alive and proposes to both that they can get money only if one of them can hook a girl named Sonia. He wants to save her from the evil designs of Pran, with whom she has been engaged.
Sonia is going to Kashmir with Pran. Mahesh also boards the plane- this time enacting the role of a blind person. And the reason of blindness- patriotism ! Sonia takes interest in his talks she has all the sympathies for him. And Dr. Eyewalla, the eye-specialist she brings for an operation in Ramesh. Leaving operation apart from Ramesh convinces Sonia that Mahesh can be cured only if he gets a shock. And the only available shock is- Sonia should marry Ramesh.
While this game of switching bridegroom is going on she comes to know about their authenticity and leaves for Hong Kong with Pran.
The long chase leads Mahesh and Ramesh to Hong Kong. They have come to know that the rich man and Pran were only interested in a formula of Atomic weapons, which could beg athered only if Sonia obliges. Sonia was not the only person in danger. The 'Red Signal' was also for their Motherland. Both did a final farewell to self-help and take a right turn towards patriotism.
Morgue becomes a bank and dead bodies start operating a bank. Hong Kong is suffering from a disease called Johar and Mehmood. Prisons become playgrounds for them. From male prison they transfer themselves to female prison. Officers are stripped naked.
Marriage of Sonia with Pran becomes a 'Mela' and all start a free-for-all strip-tease. Even the bride obliges !
Hong Kong streets are humming the tune of 'Garba'-Formula has got to be smuggled out.
What happened to that Formula? Entire India was at stake ! And the sole saviours were Johar and Mehmood. How they helped India is to be seen and believed ! Await "Johar Mehmood In Hong Kong" at your favourite theatre.