The film, which promises to outdo the success of "Hera Pheri", tries to retain the original theme and the chemistry among the main characters: Akshay Kumar, Suniel Shetty and Paresh Rawal.
However, instead of repeating Tabu, the producers have roped in Bipasha Basu and Rimi Sen to enhance the glamour quotient of the film.
The film picks up from where "Hera Pheri" ended - with the three friends wallowing in heaps of money.
In "Phir Hera Pheri", the trio Baburao (Paresh), Raju (Akshay) and Shyam (Suniel) are looking for the best ways to invest their newly acquired fortune.
Raju, who doesn't lose any opportunity to strike gold, comes up with an investment option that would double the money. The only hitch, however, is that the minimum investment required is more than the amount they have.
Raju convinces a couple of investors to invest money in his plan. Rajpal Yadav, who plays one of the investors, borrows money from an underworld don - which gives a funny twist to the comic adventure.
Will the riches double or get them into trouble...?
Priyadarshan directed part one, but for the sequel producer Feroz Nadiadwala teamed with Neeraj Vora, who wrote the screenplay and dialogues of "Hera Pheri" and is hoping to surpass the success of the original.
With comedians Johny Lever and Rajpal, "Phir Hera Pheri" is sure to become one of the most hilarious flicks of the year.