Diana is giving a lecture at a local prison when the notorious Gray Gang escapes and takes Diana as hostage.

The Phantom is soon on the murderers' trail, but has to tread extremely carefully so as not to jeopardise Diana's life. A long and suspenseful chase ensues...

Watch out for:

The Phantom arriving at the Palmers' house through the front door, for once

Dramatic scenes in the Gray Gang's escape plane

Breathtaking stunts on a train as the chase nears its end