The famous Pink Panther jewel has once again been stolen and Inspector Clouseau is called in to catch the thief. The Inspector is convinced that 'The Phantom' has returned and utilises all of his resources – himself and his Asian manservant – to reveal the identity of 'The Phantom'.
Charles Dreyfus, who has finally cracked over inspector Clouseau's antics, escapes from a mental institution and launches an elaborate plan to get rid of Clouseau once and for all.
An upper-crust family dinner is interrupted by a police inspector who brings news that a girl known to everyone present has died in suspicious circumstances. It seems that any or all of them could have had a hand in her death. But who is the mysterious Inspector and what can he want of them?
