The Simple lives of Chandu & Nandu, two street-smart extortionists change into a roller coaster ride, when they steal a 201 carat 'Moghul diamond' and loose it, only to be found by a friendly duo Ajay & Vijay who must somehow arrange 100,000 rupees which they loose on a 'teen-patti' card match, to save their lives from their boss Diljaan Kolgate who is fondly called Boss D.K. Faltu Utpatang Chutpati Kahani is a light hearted time-pass film, a crime-comedy-thriller, that gives a glimpse of the fast paced and ever-changing Mumbai lifestyle through a looking glass from the other side.