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Captain Hugh "Bulldog" Drummond (Ralph Richardson) has settled into married life with his wife Phyllis (Ann Todd), but their domestic tranquility is shattered when his old nemesis Carl Peterson (Francis L. Sullivan) returns to England with a new criminal scheme. Peterson, the master criminal who has previously clashed with Drummond, has assembled a new organization to carry out a series of daring robberies and terrorist activities across London.
When several prominent citizens begin disappearing under mysterious circumstances, Drummond's friend at Scotland Yard, Inspector McIver (Charles Mortimer), seeks his assistance in the investigation. The disappearances are linked to Peterson's criminal network, which operates under the cover of a seemingly legitimate business organization. Peterson is aided by his ruthless associate Irma Peterson (Joyce Kennedy) and the sinister Zadowa (Harold Saxon-Snell), who serves as his enforcer.
Drummond's loyal friend Algy Longworth (Claud Allister) joins the investigation, providing both comic relief and invaluable assistance as they work to uncover Peterson's master plan. The criminal mastermind's scheme involves not only robbery but also plans to destabilize British society through targeted attacks on key figures in government and finance.
As Drummond delves deeper into the mystery, he discovers that Peterson's organization, known as "The Black Gang," has infiltrated various levels of British society. The investigation leads him through London's underworld and into dangerous confrontations with Peterson's henchmen. Phyllis becomes increasingly concerned for her husband's safety as he becomes more deeply involved in the case.
The climax involves a dramatic confrontation between Drummond and Peterson, with the fate of several kidnapped victims hanging in the balance. Using his military training and quick wit, Drummond must outmaneuver Peterson's elaborate trap while racing against time to prevent a major catastrophe that would shake the foundations of British society.
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