Plain-clothed police officers, on patrol in a police van in Mumbai's Khar Danda area, recount the story of five crooks: Sheshadari, Shiva, Prakash, Vikram, Shardul, and their Police Inspector friend, Kalyan. The tale revolves around a bag containing 2.5 Crore Rupees that goes missing - resulting in lies, deception, betrayal, and death.

Phoonk 1 ends with the killing of Madhu, the woman who casts a black magic spell on Rajiv's daughter Raksha. Phoonk 2 begins with Madhu's ghost returning from the grave to seek revenge on the family. On bagging a new construction project, Rajiv moves with his family to a new place. Raksha and Rohan begin exploring the new place and the surroundings- the lonely beach and then the woods behind the house. The terror begins with Raksha and Rohan finding a doll in the woods and then it progresses to a series of highly traumatising experiences for the whole family. Manja, the only man whom Rajiv could turn to, meets a gruesome death at the hands of the black magic woman Madhu's ghost, who has risen from the grave to avenge her own death... to seek vengeance on Rajiv, by torturing his loved ones- his wife Arati and their children, Raksha and Rohan in unimaginably cruel ways. Phoonk 2 captures the fear of a family caught hostage to a murderous...

A statue in a town's square narrates to a journalist the story of 9th standard-failed, unemployed, trouble-maker and stutterer Premshankar Sharma. Premshankar, cons Mr. Pinto into buying a dilapidated flat to pay for expenses of the Happy Club over which he presides, much to the disapproval of his restaurateur father, Shivshankar, who wants him to wed Shakuntala Mishra. Premshankar's life will undergo many changes after he falls in love with Pinto's adopted daughter, Jenny. He believes that she also loves him, and even helps her to elope after her parents force her to wed wealthy Tony. Premshankar ends up in despair when he finds out that Jenny's true love is Canada-based Rahul, the son of wealthy politician, Pitambar Jalan.