• Producer : Ritesh Sidhwani , Farhan Akhtar , Gauri Khan
• Director : Rahul Dholakia
• Writer : Rahul Dholakia , Dhanpat Mehta
• Screenwriter- screenplay : Rahul Dholakia
• Composer : Ram Sampath , Kalyanji - Anandji
• Actor : Shah Rukh Khan , Nawazuddin Siddiqui

The film begins in the 1960s (evident from a newspaper). Raees , a sharp-minded boy, lives in Fatehpur, Gujarat, a state with alcohol prohibition, and gets involved in illegal liquor trade from a young age. He uses his mother's philosophy: no occupation is low and no religion greater than any occupation as a mechanism of self-deception. Along with his best friend, Sadiq, he starts working for a local gangster, Jairaj — who likes Raees as he comes up with novel ideas for smuggling. As his power and influence grows, he decides to part ways with Jairaj and takes the help of a crime boss, Musabhai to start his own business. He gains immense popularity in his community: he provides them liquor, employs them for receiving orders and delivering them and thus enjoys political support from both the Chief Minister and Pashabhai, the leader of the opposition. Meanwhile, an honest and powerful police officer, ACP J. A. Majmudar is transferred to Fatehpur and starts a major crackdown on alcohol dealers, focusing on Raees. This affects most of the dealers except him as he manages to smuggle past Majmudar — leading to hostile relations and a failed assassination attempt by Jairaj. Raees subsequently kills him in retaliation. In the meantime, Raees marries his neighbor Aasiya and has a son with her. At the baby shower, he convinces the CM to transfer Majmudar to the Police Control Room and takes on a new real-estate project offered to him. With Majmudar gone and construction in full-swing, all seems to be going well for him. Majmudar, however, is still keeping track of his activities through phone-taps and moles he planted earlier. Raees publicly assaults Pashabhai over a disagreement and the CM sends him to jail temporarily as a PR stunt. With Raees locked up, the CM and Pasha form an alliance for the upcoming local elections. Realizing he has been betrayed, Raees decides to stand in the elections, uses his popularity and wins. Seeing him as an imminent threat, the CM recalls Majmudar back to Fatehpur and declares his real-estate project's plot as a protected land — rendering the construction illegal. Raees incurs huge debt to his community, whom he had convinced to invest in the project. To worsen the situation, communal rioting in the state leads to imposition of a curfew jeopardizing his liquor business. Completely broke, a desperate Raees reaches out to Musabhai for help, who offers him money for smuggling in gold by sea. Soon, serial bombings occur across India. Raees becomes aware that Musa used the gold as a cover to smuggle RDX. The police leads a massive cross-country crackdown; all of Raees's associates are either caught or killed. Heartbroken and grieving, Raees kills Musabhai and his men for using him to kill innocents. Subsequently, he surrenders to Majmudar, well aware that he will kill him. Majmudar and Raees deliberate over their time together, following which Majmudar shoots Raees. As he falls, he recalls memories from his life and his mother's teachings. Majmudar drives away, musing about Raees's last words.