Riyasat is a story about the much loved Sahab played by the late Rajesh Khanna. Sahab has ruled for many years and has established his kingdom. People look up to him for everything. He has truly been the Godfather of the people of the city. But then, few people enter the city with malicious intent which Sahab is aware of. Obviously, Sahab protects his kingdom from evil eyes and thus starts a war which changes Saheb's life forever. Will Sahab protect his kingdom? Will Sahab win over the evils and emerge as a winner?
Three boys named Bunty, Happy and Lucky, study in a London school. They fall in love with three young girls. The boys then happen to meet Rubina, a very attractive young lady who is married to Khan. Rubina leads the boys down the garden path and tells them that her husband is very troublesome and that if they killed him for her, they could all have a good time. The boys make several unsuccessful attempts to kill Khan. Finally, they are ready to admit their failure and unwillingness to carry out the crime. But they discover that Khan has really been murdered and that they are the accused in the homicide case.
Policeman Gopi's doppelganger Kishan, who is a criminal, learns about the former and uses his identity to his advantage as he tries to find his father. This results in Gopi reaping the benefits.