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Raffles, a clever, suave safecracker who successfully eludes Scotland Yard, falls hopelessly in love with Lady Gwen and decides to go straight. Then his close friend Bunny attempts suicide in desperation over a debt, and he decides to go through with a final robbery to save him. Lady Melrose, who is fascinated by the handsome Raffles, possesses a fabulous diamond necklace, and he seeks to get into her good graces; but Inspector McKenzie learns that burglars are planning to rob Lady Melrose. Using this information to his advantage, Raffles takes the necklace from Crawshaw for safekeeping and returns to London; he is followed by the inspector but manages to win the confidence of Lady Gwen. Cornered, he admits to being an amateur cracksman and escapes through a secret opening in a grandfather's clock, with plans to meet Gwen later in Paris.