Every man has his weakness. It could be women or gambling - Every Woman too as her weakness.
Madam-X's (Rekha) weakness if GOLD - an obsession, which brought her into the world of crime. An uncrowned Queen whom nobody had had seen how she looked and from where she operate her crime world.
Inspector Vijay (Mohsin Khan) delayed his wedding with Nita (Kiran Juneja) to honour his moral duty of bringing Madam-X to the book of law. He used his own intelligence to get across, but in this cat and mouse game sacrificed his lover's life. But never gave up. He managed to trap her but to his dismay when he saw her face he thought of an identical Chaku-Churi girl Sonu (Rekha again), who resembles Madam-X. To reach to the bottom of the crime world. Where people like Raibahadur (Raza Murad) and Champaklal (Shakti Kapoor) also operated with Madam-X, he planted Sonu to impersonate Madam-X.
To Sonu's dismay she saw crime like a chain of necklace, each chord joined to another. Crime had its apex and the apex on which Madam-X lived her partner none other than Police Commissioner Mathur (Parikshit Sahani)
Things were difficult. Crime was done by the guardian of law. How Vijay and Sonu unfolded the truth? See it on the Silver Screen made of GOLD i.e. 'MADAM-X'.
(From the official press booklets)