Phas Gaye Re Obama is a comedy-drama. The movie revolves around a US-based businessman, Om Shastri (Rajat Kapoor). Due to the recession, Om incurs huge losses in his business and has to repay $100,000 to the bank or he might lose his house. Om has ancestral property in India, so he visits India to sell the property and collect money to pay back to the bank. However, before selling the house, Om gets kidnapped by a local gangster, Bhai Sahab (Sanjay Mishra), who assumes Om to be rich, and demands a huge ransom for his release. Secretly the word spreads of Om’s kidnapping with all kidnapping gangs eyeing for a huge ransom. On knowing that Om is broke, Bhai Sahab hands over the former to another local gang in return for money, and the latter gives the former a part of the booty.