Devendra, a young man accompanied by a friend, is racing in his car on a pouring wet night to the Railway Station.
A dislodged boulder on the way interrupts the journey. While the chaffeur goes to get some help, Devendra and his friend walk upto a deserted old mansion nearby for shelter. After being admitted by the keeper, Devendra feels the empty mansion to be a familiar place although he has never visited before. He points out some details of the house which prove his familiarity with it. His memory takes him back to his past life and the flashback starts. It shows Devendra as Anand- a manager of a big estate owners' timber business. He also visits the wood to draw sketches and is attracted by a belle, Madhumati, daughter of ex-Chief of the hill folks.
Deprived of his wealth and influence Ugra Narain, the dissolute owner of the timber estate, becomes a tough obstacle in the relationship between Anand and Madhumati. He arranges a trap for Madhumati and she jumps to death to save herself from him. Anand meets a girl named Madhavi resembling Madhumati. She shows sympathy for him and agrees to help him in getting Ugra Narain's confession. Madhavi is to appear as Madhumati's ghost but, before she can arrive, Ugra Narain is confronted by the actual ghost of Madhumati and he blurts out the story. This provokes Anand to jump to his death in the manner of Madhumati. When the flashback ends Devendra's chaffeur brings the news that the road has been cleared and the train has met with an accident. Devendra rushes to the station to find his wife Radha, who looks exactly like Madhumati, safe with their child.