Vajram movie is about Devarajan (Mammootty), a Mafioso turned crane operator. Circumstances and the shenanigans of one of his relatives (Kalasala Babu) see to that Devarajan is separated from his rich wife Nanda (Nandini). In the event, he is also separated from his son Appu (Mithun).
Amidst all this, one of the many villains in the film aims for the fortune and money of Nandini. Then there is Williams (Babu Antony) the scheming husband of actress Gemini (Vasundhra Das). He wants to eliminate her to inherit her wealth.