"Phas Gaya Re Obama" According to official release, is a comedy set against the backdrop of global recession. The film traces the journey of Om Shashtri, an American citizen of Indian origin, who loses all his wealth overnight to the global recession & has been asked to vacate his home by the bank unless he pays up $100,000 (mortgaged amount) within 30 days. Seeing no other option Om comes to India to sell a small piece of an ancestral property. But within days of landing in India he is kidnapped by a 'recession-hit' underworld gang those who think that he is still a millionaire. What happens to Om, is he able to save his home, how did the 'poor' gangster cope with their 'poor' catch & what do small town Indian gangsters have to say to President Obama... that's what the film is all about. The film is directed by Subhash Kapoor and stars Rajat Kapoor, Neha Dhupia, Manu Rishi, Amole Gupte and Sanjay Mishra.