Dr. Mabuse is on the loose!

Hamburg student Gabriele constantly dreams of her boyfriend in Australia. The reality is different, because while she sits in lecture halls during the day, she is a dancer in a peep show at night. The place is run by the mysterious Arnold, who not only has his eye on Gabriele, but is also carrying around a secret that he soon lets Gabriele in on: his strip joint is just a pretext for a much more lucrative business, in which a certain Mrs. Lohmann is pulling the strings. Her boss Arnold, with whom she is having an affair, is doing dirty business. He is threatened by a killer because he wants out.