Larry 'Ace' Banner is considered to be the creme de la creme of bank robbers. He plans his robberies meticulously, never uses a gun himself and the result is usually a large haul and little for the police to go on. With a huge increase in bank robberies throughout the Midwest, the Federal District Attorney, Beecher Ashbury, is just itching to do something about it. Unfortunately, he can't since bank robbery isn't a Federal offense. That doesn't stop him from asking Eliot Ness to see what he can find on Banner. The master thief has just completed a $450,000 haul - in part because he managed to blackmail the manager into giving him security information - and has now decided to retire to the good life of a wealthy bachelor. When the government finally makes bank robberies a federal offense, Ness waits patiently knowing that it is only a matter of time before Ace will strike again.
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