Office worker Jeff has set up a profitable scam, but is caught by fraud investigator Kaiser. To escape conviction, he is enlisted to bring down a more lucrative racket: Hugo, Jeffs manager, and Andrew, a crooked cop, who make unauthorized drug raids, taking a cut of the confiscated goods and money.
Jeff enters the syndicate and seizes a Pink Teddy toy which proves to be surprisingly valuable. When Hugo is forced to return the toy to the drug dealer, its mysterious real owner appears. The struggle to retrieve the Teddy leads to Andrews murder and Jeff is the prime suspect. With Andrew out of the way and Jeff fighting to prove his innocence, Hugo discovers the Teddys secret.