Arjun (Emraan Hashmi), an ex-cop, is hired by a Goan pimp for an unofficial assignment. Several hookers have gone missing under mysterious circumstances and Arjun has to trace their whereabouts. He finds out that all the missing girls were called by the same person. When a new girl Reshma (Sulagna) is sent as bait to catch hold of the culprit, she falls prey of the serial killer. Arjun catches hold of the killer but has to get enough evidence against him.

Murder 2 isn't designed as a suspense flick since the identity of the serial killer is revealed much early in the narrative. Also it isn't about tracing the murderer since the killer is caught in the first half itself. While the investigative drama in the film doesn't go beyond an average episode of CID TV show, it is never the focus of the film either. The film tries to play more with the abnormal characterization of the psychopath-cum-sadistic killer who enjoys every 'bit' of his butchering business. From a sadistic slasher to an amnesiac actor, Prashant Narayanan switches shades in his character like a chameleon – credibly and effortlessly.

While Mahesh Bhatt's storyline finds its roots in the 2008 South Korean flick Chugyeogja ( The Chaser) , the antagonist is kind of Indianized by giving him a eunuch identity. As bizarre as it might sound, he was a womanizer who castrated himself and now seeks revenge on female form for his self-induced impotency. Mohit Suri's direction meets the prerequisites of the genre, making it a decently crafted film. He smartly builds up the tension and anticipation that a slasher film demands, showcasing some explicit blood-and-gore sequences, but never over-exploits the potential of the relatively new genre to the Indian audience. It's a calculated risk.