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Padmashree Laloo Prasad Yadav has nothing to do with the politician of the same name. In fact these are the names of the four central charaters in the film. Padma (Masumi), Laloo (Suniel Shetty), Prasad (Mahesh Manjrekar) and Yadav (Jhonny Lever). The movie is all about fetching some diamonds and the three people who fall in love with one charming beauty.
Laloo suffers from 'SCHIZOPHRENIA' a psychological disorder, wherein he goes out of control when he sees a good looking girl, forgetting the love of his life Padma. laloo works for a local don - Uncle Tom. On a mission for Uncle Tom, he encroaches on Tom's girlfriend Rita. Uncle Tom spills the beans to Padma, and Laloo is in a soup!!
Padma, fed up of his regular cheating on her, decides that enough is enough. She takes a flight to Cape Town to recover some jewels, which are rightfully hers, since her father's partner Saxena had stolen them from her late father and is now settled in Cape Town
Padma lands in Cape Town to discover Laloo already there to receive her! After endless bouts of asking for her forgiveness, Laloo is finally pardoned. Laloo offers Padma how to reach Saxena to get the jewels back, Padma refuses his offer and decides to use her own charm to procure the jewels out of him but finally Laloo convinces her to do it his way.
Laloo bungles up again and Saxena dies in a heart attack, but before dying he tells them that the diamonds are in the ABSA bank locker.
Padma Laloo meet team up with Jhonny (Gulshan Grover) a club owner, and his sidekick Yadav to rob the bank.
After the robbery Jhonny locks the jewels in his safe saying that since he is a notorious character the cops might pick him up, and they should all meet after a week to split up the booty.
But Jhonny gets a shock when the cops actually pick him up, not knowing that it is Laloo and Padma who have squealed on him!! Laloo, an expert safe breaker gleefully opens the safe, but both are shocked to discover it empty!!
Jhonny shifts the booty somewhere else! Padma now switches her charms on Prasad the lawyer who is fighting Jhonny's case.
Padma slowly bowls him over and he falls head over heels in love with her and is totally smitten by her. Padma is trying to extract the information out of him as to where the jewels have been hidden by Jhonny. Laloo is now feeling left out. Yadav also finds Padma Gorgeous.
So now Padma has three men now who love her dearly! Laloo, Prasad and Yadav, and how she pits against the other is to be seen to be beleived!
But does Padma recover the jewels?? And nurses broken hearts, Laloo, Prasad or Yadav?? The answers unfold to you in a rip-roaring, rib tickling and pulsating film 'Padmashree Laloo Prasad Yadav'.