After a police sergeant investigating a crime gang is murdered, Scotland Yard are frustrated in tracking down the outfit responsible for large scale bank and jewellery robberies. They bring in Layton, a loner from MI5, to infiltrate the gang.
Layton poses as Steve Ross, a criminal who, unknown to the gang, has died and gone missing at sea. He finds the gang is organised like a business, with salaries, pensions, and a camaraderie he has not known before. He also becomes romantically involved with a gang member, Ruth Lombard. As the plot progresses, she starts to become suspicious of his identity but has feelings for him and doesn’t voice her suspicions.
In a lengthy caper section, the gang drill and tunnel their way into an underground vault filled with jewels. They make their getaway and meet with the potential buyer of the jewels, who strikes a hard bargain. The buyer, who had known the real Steve Ross, spots that Layton is different man. Layton admits his impersonation. Scotland Yard arrive and arrest the whole gang. Layton feels he has betrayed his new friends, with whom he had found comradeship and love but who now reject him.
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