A young man succumbs to gambling fever.

The supposedly dead and buried Mabuse returns to his criminal activities, as his longtime foe Police Inspector Lohmann, a dauntless girl reporter, and an American - who may be an FBI agent, or maybe a Chicago mobster - investigate a series of gruesome murders connected to a maximum security prison and involving a minister who has written a book called "The Anatomy Of The Devil".

Strange things happen in a revue theatre. The dancer Maria seems to be hunted by an invisible admirer. When the body of a probable FBI agent is found in a trunk the police asks FBI man Joe Como for help. Como gets interested in the revue theatre and an ominous transport firm soon. When he is receiving mysterious threatening letters he is sure that Dr. Mabuse has risen again. But what is going on at "Enterprise X" so that both the goverment and the mad genius in crime are interested in it?