It is a story about the Chinese police who intelligently and bravely fight with the cooperation of the factory's Party Committee and the masses, against the spies, who steal the navy's equipment "Hunting No.99".

Egon escapes from the psychiatric ward, where he has been incarcerated since the gang's last coup. Keld and Benny pick him up, and when Egon, as always, is planning the big heist, the Olsen Gang is once again on the move.

A roving ghost spirit controlled by Ying Yang the Evil paints her face in the guise of a concubine. Her spirit can only be released by a ghostbusting monk who comes to her rescue.