Major and Gullu are two unemployed young men who aspire of becoming exorcists. They always pray to their close friend ‘Raaka’, a statue, to help them alleviate their poverty. They decide to host a ghost Halloween party. At midnight, Raaka’s glowing eyes shut down. In the process of mending it, Major and Gullu are electrocuted and enter the realm of dead, where they meet Ragini, a benevolent ghost who promises to help them achieve their dream in return for a favour. Major and Gullu agree to the deal. The deal is to help attain moksha (salvation) for depraved souls by exposing the criminals who’d wronged them in life. In return, Ragini will help Major and Gullu earn money.
Inspired by her, the duo start a “Phone Bhoot” company and she helps them. Their business eventually grows and attains fame. Atmaram, an evil tantrik becomes jealous as Phone Bhoot is destroying his business and tries to destroy them but his efforts are thwarted by Ragini. Atmaram learns that Ragini is none other than the deceased lover of the late king Raja Dushyant Singh. Both were murdered in a car crash that was orchestrated by Atmaram himself in order to end Dushyant’s reign as king. In the present, Atmaram captures Ragini in a bottle during the lunar eclipse when Ragini’s powers are weakest. Major and Gullu feel deceived, realizing that Ragini manipulated them to seek revenge on Atmaram. Dushyant’s soul is now held captive by Atmaram in his treasury of magic bottles.
The duo is confronted by another benevolent ghost that they’d previously helped with Ragini. This ghost reveals that Ragini is in dire trouble and requires their help in order to free many souls from Atmaram, including Dushyant’s. Major and Gullu has a change of heart and confront Atmaram’s, soon they are joined by their now animated Raaka, and free Ragini. Later other souls they have helped, liberated or helped attend salvation join them too in defeating Atmaram and throw him into the underworld’s hellfire. Dushyant is now free. Ragini and Dushyant reunite in their metaphysical form and assure Major and Gullu that they’ll help whenever it is needed.
