A friend of Raffles', Teddy Garland, finds that he is in debt to the vicious moneylender, Brigstock. Raffles and Bunny pay a visit to Brigstock and manage to pay Garland's debt back.

Brigstock asks Raffles to steal a letter which is evidence in a court case pending against him. Raffles agrees, but has an agenda about which Brigstock knows nothing.

Ultimately Raffles puts Brigstock into a position where he must choose between his love for his money and life itself.