Once every year Bengali-Town dresses up in pirate gear and put on a show which attracts the whole population, this year also including "Mr. Walker". However, real pirates take advantage of the suggestive atmosphere by carrying out real robberies and hiding undetected amongst the crowd.

But one thing arouses the Phantom's suspicion: at one police checkpoint, one of the real pirates carries an unusual sack content for an adult. And with the Phantom's curiosity alerted, a long chase begins...