Once Tauji recognises Bhola, he pursues him by keeping his identity hidden and learns of Bhola's scams and his relationships with various women in different parts of the city. Tauji, a detective who is hired by the police to catch him, becomes his associate. When Bhola meets Payal, who is shown as a widow, he plans to con her but eventually falls in love with her. He finally robs her on the wedding day but is unable flee due to his feelings for her. He returns only to find out that she is also a fraudster like him who marries rich men for money. They both escape but Bhola is caught by the police. He is bailed after a week by Tauji and Payal, who plans the next con but he ditches her at the end and takes away all the jewellery and cash.
The film received negative reviews from critics.Writing for Daily News and Analysis, Meena Iyer rated it one and a half stars out of five and opined, "Don't bother with this farce, fraud or whatever in cinema's name you would like to refer to this one as".[8] Pallabi Dey Purkayastha of The Times of India rated the film one star out of five and concurred with Iyer, concluding, "Regardless of whether you enjoy con-man stories or you're a fan of Arshad's comedic talents, Fraud Saiyyan is not the kind of film that you should spend your time and effort on".[9]
Bhola's accomplice in his serial fraudulence is a fellow called Murari who seems to be a double agent of some sort since, on the one hand, he abets the protagonist in his crimes while on the other hand he appears to be plotting the fellow's downfall.
This light hearted comedy film is inspired by a real-life fraudster who wed seven women in seven different cities, none of them aware of the other. Arshad Warsi who plays a fraudster in and as 'Fraud Saiyaan' juggles between his multiple wives and has turned marriage into a very unique business.
After Bhaiaji Superhit, Arshad Warsi will be seen in another caper in the New Year titled Fraud Saiyaan. In the film, Arshad plays the ironically named Bhola Prasad Tripathi, a man from Lucknow who fraudulently marries several different women, seemingly for money.