Sanjay is introduced as he brutally murders another man. He takes a polaroid picture of the man, and time-stamps
it "done". It is revealed that Sanjay has a strange from of anterograde amnesia where his memory
is wiped out every 15 minutes. Sanjay uses a system of photographs, notes, and tattoos on his body to recover his memory after
each cycle. Every morning, Sanjay is reminded (by a tattoo on his body) that "Kalpana was killed", and it is revealed that
Sanjay is ultimately out to avenge Kalpana, and that he is systematically killing the people who were responsible for Kalpana's
death. His main target, evidenced by several notes and tattoos, is "Ghajini". It is eventually revealed that Ghajini is a
notable social personality in the city.
Mumbai Police Inpsector Fawaz is on the case of the serial murders. He tracks Sanjay down to his flat
and attacks and disables him. Fawaz is shocked by the extensive set of photographs and notes. He finds two diaries where Sanjay
has chronicled the events of 2005 and 2006. The film enters flashback to 2005 as Fawaz reads the 2005 diary. Sanjay Singhania
is the secion of a reputed business house that owns the Air Voice mobile telephone company. He has finished his education
abroad and returned to take over the family business. In the course of his business, Sanjay sends his men to meet Kalpana,
a struggling actor/model, about putting up an Air Voice billboard above her apartment. The owner of Kalpana's modeling/advertising
firm misinterprets this as a romantic advance, and (in view of a possible lucrative Air Voice ad campaign and other benefits)
encourages Kalpana to accept the overture. He promotes her to become the lead model. Kalpana is generally sweet and kind.
She decides this is an innocent prank (that may fetch her better modeling work) and begins to play out the role(pretended)
as Sanjay's girlfriend.
Sanjay eventually meets Kalpana, but tells her that he is Sachin, a simple fellow from a small town, looking to make a
new life in the big city. Kalpana lands him some small modeling gigs. She is eventually enamored by his charms and Sachin
is swept by her kindness and grace. (He notices on more than one occasion that she is always ready to help the invalid, the
poor, and the destitute.) They fall in love, and Sanjay eventually finds the courage to ask her to marry him. She asks for
some time to consider his proposal. Sanjay decides that if she accepts, he will reveal his true identity; and if she declines,
he will quietly back off with no harm done.
The film returns to the present day when Fawaz is about to read the 2006 diary. Sanjay comes to, attacks Fawaz, and ties
him up. He tracks down Ghajini to a college function where Ghajini is the guest of honor. Sanjay snaps some pictures of Ghajini
and decides (although he does not know why) to kill him. He meets Sunita at the function; she recognizes
him from the cover of his files and decides to befriend him. Later that evening, Sanjay attacks and kills one of Ghajini's men
in the parking lot. He lays in wait for Ghajini but ultimately decides to launch his final attack at another time. The dying
goon informs Ghajini that Sanjay is out to kill him. Ghajini is confused about why an unknown man (as opposed to a rival
gang or a known hit man) is foolish enough to come after him.
In the meantime, Sunita visits Sanjay's flat and finds Fawaz, beaten and bound. She also finds that Ghajini is Sanjay's
target. Fawaz informs her that Sanjay is a known serial murderer. Sunita finds the two diaries and frees Fawaz. Sanjay arrives
suddenly; he remembers neither of them and chases them out. Fawaz is eventually hit by a bus, and Sunita barely escapes the
crazed Sanjay. Believing Ghajini is in danger, she informs him that it is Sanjay who is after him. With this named target,
Ghajini arrives at Sanjay's flat to kill him. However Sanjay comes to know that Sunita has told Ghajini about his plan
so he finds Sunita instead. Sanjay is trapped in the lift of Sunita's hostel and is taken in custody by police who later
release him. Ghajini was called by police to identify Sanjay and later decides to destroy all the photographs and notes, to
stop his crimes Sanjay and tattoo over (thus scratching off) all of Sanjay's existing tattoos. Satisfied that he has neutralized
Sanjay by wiping out any trace that connects back to him, Ghajini leaves.
Meanwhile, back in her room, Sunita reads the 2006 diary. The film flashes back to 2006. It is revealed that Kalpana had
accepted Sanjay's proposal. This diary ends abruptly. Sunita investigates further, and discovers that at some point in 2006,
Kalpana was unwillingly pulled into a sinister prostitution racket. She was traveling by train when she came upon 25 innocent
young girls being transported to Mumbai to work as prostitutes. She saves the girls. But the girls name Ghajini as the ringleader
of the racket. Ghajini uses his ways and means (through corrupt cops and politicians) to silence the girls, and personally
goes in search off Kalpana. Ghajini and his goons had broken into Kalpana's apartment and waited for her to return. Coincidentally,
Sanjay arrived there to meet Kalpana. The goons attacked Kalpana. Sanjay was about to intervene when Ghajini hit him over
the head with an metal rod. Her last word to him was "Ghajini". Sanjay's last vision was to witness
Ghajini brutally murder Kalpana with the metal rod.
Sunita, now aware of the shocking truth, finds Sanjay and tells him the truth. He flies into an uncontrollable rage and
goes after Ghajini. Arriving at Ghajini's lair in downtown Mumbai, Sanjay systematically and brutally kills all of Ghajini's
men and launches into a vicious chase-fight after Ghajini. He is about to kill Ghajini when his memory loss cycle kicks in.
Ghajini turns about and stabs him. He begins to taunt Sanjay with the tale of how he murdered Kalpana, when Sanjay, with a
sudden burst of last minute strength, overpowers Ghajini. Sanjay kills Ghajini in the same way as Ghajini killed Kalpana.
The film ends with Sanjay, still suffering from the amnesia, volunteering at an orphanage. Sunita gives him a small gift
to remind him of his fond association with Kalpana.
