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Monsieur Jules, smooth operator of a plush Bond Street dress salon, uses his store as a front for his criminal dealings as Pearly Gates, head of a London syndicate of thieves. Despite an agreement with other local gangs not to work in the same area at the same time, three Australian hoodlums disguised as policemen confiscate Pearly Gates's loot. Soon realizing who the bogus officers are, Pearly Gates remains unaware that the impostors are being tipped off by his girl friend, Valerie. After a meeting with the crime syndicate, at which it is decided to befriend Scotland Yard, a 24-hour crime truce is declared so that all concerned may join forces in apprehending the IPO's (Impersonating Police Officers). An initial attempt by Inspector Parker, already in trouble with his superiors, goes awry. A second trap is more carefully planned, but Pearly Gates hijacks the come-on money from an armored car at the airport and absconds with the bait, taking along Parker, who is handcuffed to the moneybox. Though the other gangs are arrested, Pearly Gates and his friends escape by plane, with Valerie along as stowaway. It is revealed that the loot is merely play money, and upon arrival at a South Sea island, they begin life anew making grass skirts for the natives.