A ship, La Circé, has sunk and it might possibly be criminal . The vessel belongs to Storata ,who asks the insurance company for a hundred million Francs .Callaghan is working for them and he investigates on dry land and on the sea. The brilliant detective discovers that Storata has scuttled his ship himself to swindle insurance.

Sur la Côte d'Azur, le détective privé Slim Callaghan enquête sur le naufrage d'un cargo dont le propriétaire réclame une forte somme aux assurances.