Bunny feels that he is not doing enough to justify his role in his partnership with Raffles. He suggests to Raffles that he take a more active role in their next burglary, and Raffles agrees.

Bunny arranges for their next target to be at his old home, now the residence of Lord and Lady Osborne. He arranges for Raffles to see Lady Osborne's diamonds at a party and Raffles is hooked.

But the organisational side of things is not quite as simple as Bunny had imagined it to be.

Sir Arthur Rumbold, the pompous Secretary for Home Affairs, announces that he wishes to introduce much tougher penalties for offences against property. Raffles, believing this to be a step back into the dark ages of Botany Bay and transportation for life, is furious and determines to teach Sir Arthur a lesson by burgling his own substantial London home.

Announcing to Bunny that the burglary will be an unplanned affair, Raffles goes enthusiastically to work, but it is not long before events start to go drastically wrong.