Bobbing up and down on the sea, a well-worn coat is washed ashore. A blue-haired witch, posing as an old ragpicker, places it over Raghu, who is sleeping on the sidewalk. Before Raghu could even thank her, she disappears. Raghu finds a one-rupee coin in the coat pocket. Overjoyed, he promptly treats himself to some delicious sweets. Raghu soon learns that this is no ordinary coat. Each time he puts his hand in its pocket, a fresh coin surfaces. For Raghu, it means an unprecedented and godsent windfall. The miraculous coat ushers in a time of infinite joys, adventures and as Raghu soon finds out, dangers and troubles aren't too far away either. Discovering the secret of the magic coat, a gang of three shady crooks starts hounding Raghu. Raghu's brother-in-law also joins in the chase. Problems abound and Raghu learns that easy money cannot be enjoyed for long. Finally, Raghu throws the magic coat into the sea.