FRAUD SAIYAAN is the story of a guy who has multiple wives. Bhola Prasad Tripathi (Arshad Warsi) is a con man who gets married to women and then robs them of their money. He has got married to as many as 12 women and is searching for his next target. He is with his wife Sunita (Deepali Pansare) one day in Lucknow when she tells him to go to the station to fetch his uncle Murari Chaurasia (Saurabh Shukla).
Murari however finds out the truth about Bhola. He tries to expose him but the effort proves futile. Then he pretends to be enamoured by Bhola and asks him to make him a part of the team. Bhola agrees reluctantly and Murari then gets a first-hand experience of how Bhola is handling so many wives and fooling them with ease.
However both land in a soup as dacoit Chanda Yadav (Bhawana Pani) who was promised marriage by Bhola, abducts him and forces him to get married. What happens next forms the rest of the film.