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Harry Fabian, a minor league hustler in London's underworld, tries to borrow money from girl friend Mary Bristol for a proposed greyhound racing track but the cash, which Mary borrows from her neighbor, designer Adam Dunn, is actually to pay off a thug who has been chasing Harry and is waiting outside. Harry works as a tout for a dubious nightclub, The Silver Fox, run by Phil and Helen Nosseross, and Mary works there as a singer. Harry sends customers to the club on the pretext that they will have a racy evening but instead they are fleeced. At a wrestling show, Harry hustles a couple of potential suckers but is stopped by one of promoter Kristo's men. Kristo's father, Gregorius, a former champion wrestler who has come from Greece with his protégé, Nikolas, causes a disturbance in the arena as he is disgusted by the phony shows his son is staging. Harry sees an opportunity to move into another racket and promises Gregorius that he will promote classical Greco-Roman wrestling in London. Later, Harry asks Phil for financial backing but he refuses. Others in the underworld do likewise, fearful of reprisals by Kristo. Helen, who is interested in Harry and wants to leave her husband, gives Harry some money on the condition that he will get her a license to reopen a closed nightclub that will become theirs. Kristo's solicitor, Fergus Chilk, warns Phil that his employee should be discouraged from pursuing his plan to promote wrestling. Phil suspects that Harry is fooling around with Helen and decides to "set him up" by becoming his silent partner. As soon as Harry's company books its first promotion, Chilk and Kristo pay him a visit, advising him to leave town. Harry, however, introduces them to his ace-in-the-hole, his partner Gregorius, who has all but disowned his son. Kristo warns his father not to be involved with Harry and tells Harry not to betray his father in any way. Harry then bilks Helen out of more money before he gives her a phony club license. When Kristo tells Phil he knows that he is Harry's backer, Phil promises him that Gregorius will learn that Harry is not an honorable man. Phil's plan involves telling Harry that he is backing out of the deal unless Harry books a more commercial attraction like The Strangler, one of Kristo's regular wrestlers. Harry is forced to agree and talks with The Strangler's manager, Mickey Beer. They goad The Strangler into challenging Nikolas, and Gregorius is tricked into letting Nikolas wrestle The Strangler as the main event on Harry's first card. Harry tells Phil he has secured The Strangler but, as planned, Phil double-crosses him and phones Kristo in the belief that he will arrange appropriate punishment for Harry for having betrayed his father's trust. However, Harry tells Kristo that Gregorius wants the match to take place. Phil tells Harry that no one will give him the money he needs to make the event happen. When Adam tells Mary that he has seen Harry near her flat, she discovers him ransacking her place and "borrowing" money. At a gymnasium, The Strangler and Gregorius get into a fight, and Nikolas suffers a broken wrist trying to stop it. Kristo arrives in time to see his father demolish The Strangler. However, the battle has been too much for the old man, who collapses and dies. Kristo blames Harry for his father's death and spreads the word around the underworld that he will pay £1,000 to the man who gets Harry. In the meantime, Helen tells Phil that she is going to leave him to go into business with Harry, ignoring Phil's words that Harry has no future. On the run, Harry phones Figler, king of the beggars, asking him for somewhere to lay low. Figler tells him to come to his place, then phones Kristo. While Helen is instructing the girls at her new club, a police officer comes to ask why the club is opening as he thought it had been closed down. Helen shows him the new license Harry secured for her but the officer discovers that it is a fake. Helen returns to Phil only to find that he has killed himself. Harry is at Figler's but suspects that he has tipped Kristo off and leaves to hide out on a barge owned by Anna O'Leary, to whom he expresses regret about the way he has treated Mary. Mary finds Harry at the barge and tries to help him escape. He tells her to go to Kristo and collect the reward money on him. After Mary leaves, Harry rushes outside where Kristo and his thugs have gathered and shouts at Mary, falsely accusing her of turning him in and saying that Kristo should pay her. The Strangler catches Harry, kills him and dumps him in the river. Adam arrives with the police and comforts Mary as The Strangler is arrested.