Expert of lithographic plates and counterfeit banknotes Lee Lik-hang is hunted down by the hitman Ma Biu on the orders of the gang leader Chan Lung. Cheng Wai-lun, witness to the crime and the unwitting custodian of the plate, finds himself wanted both by the police and the criminals. Seeking to unweave the web of intrigue is Kong Yin, cousin of Cheng's fiancée Cheung Mei-ling and the famed 'Lady Bond' who poses as the gambler Judy and doubles as a singer at Chan's nightclub. Kong identifies the boss as the culprit but is forced to flee following a failed attempt to obtain the needed evidence. Both Ma and detective Chow To reach Cheng who chooses police detention over abduction by the gang. Cheng evades Chan's underlings and hands the hitmen over to the authorities. Cheung's abduction results in a fierce battle when Chow and his squad arrive at the criminal den, arresting the gang leader and retrieving the lithographic plate.

Lui Yik-pang is reduced to his wits' end to rein the Golden Butterfly. Chong Tak-ming emerges as the suspect. The friendship and ties between former classmates Lui and Chong date back years ago. When the impoverished Chong turned to banditry, Lui abided by the law and arrested Chong. Chong repented and bore no grudges. Chong's daughter Ching-han and Lui's son Siu-man are lovers. Ching-han reinvents herself as a chivalrous bandit and robs the rich to help the poor after the imprisonment of her father and the death of her mother. Endowed with her father's gifts, Ching-han remains out of the law's reach, until she is tailed by the father enlisted in the police service. A bitter row ensues; the father's underling Sung Sing-biu snatches the stolen goods and activates the security system. Ching-han is prepared to turn herself in when Sung surrenders himself as a gesture of gratitude to his benefactor. Attending the wedding banquet, Lui brings his son and daughter-in-law a golden butterfly.