Victoria No. 203 is a story of a Diamond thief and how the lives of several people get entangled in search of lost diamonds. The Movie commences with a display of 300 crores Diamond. Title has been taken from that Ashok Kumar and Pran starrer Victoria No. 203 hit. In this movie Jaaved Jafferi plays Bobby Bombata, a rich Business tycoon while Preeti Jhangiani plays the role of, Devvyani. She is smitten by Diamonds on display. Bobby tries to buy them for her but Diamond owner refuses his offer. But Bobby will do anything within his power to get hold of them. He hires services of Cat Burglar to steal them for him. She manages to flee with Diamonds. All the characters meet up in a hilarious climax sequence. This movie is intriguing as nobody knows where the diamonds actually are.