Doctor Paul Gironda announces he has discovered a formula for the manufacture of synthetic gold. The International Research Foundation agrees to financially help him develop his formula. Just before the Board of Directors arrive at Gironda's laboratory to witness his achievement, he is heard screaming, and mysteriously disappears before help arrives. Newspaper reporter Walter Jameson, who is engaged to Gironda's daughter Verna, calls in investigator Craig Kennedy. Kennedy and Jameson face many perils and cliffhangers. When Gironda's kidnappers use television to show Gironda is still alive, the unseen "Clutching Hand" orders Kennedy to quit the case. The latter finally finds Gironda a prisoner aboard the freight ship, "The Nellie B",and rescues him. He instructs Jameson to return Gironda to his home, but Jameson's car is overtaken by agents of "The Clutching Hand" and the doctor is once again kidnapped. Near the end, Kennedy convenes the IRF board of directors and various other people, and exposes "The Clutching Hand".