After a stint in prison, Ugo Piazza, a small-time Milanese gangster, is immediately harassed by his old associates, led by The Americano (also known as “The Mikado” in the English dub), who insist he stole 300,000 US dollars during a handover just before his arrest for robbery. Piazza vehemently denies the theft, even under pressure from The Americano’s volatile right-hand man Rocco Musco. His girlfriend, go-go dancer Nelly Bordon, shares the belief that he’s a thief, as does the police commissioner, who tries unsuccessfully to turn him informant.
Piazza then reconnects with his past: his former godfather Don Vincenzo, now blind, and his sole remaining capo Chino. The Americano issues an ultimatum—return the money and resume work for him—but Piazza remains convinced he does not have it and does not know who does. Paranoia about new thefts grows, and Rocco begins wiping out his money couriers.
A dangerous assignment lands Piazza in a high-stakes exchange of $30,000 at a bowling alley. The deal is interrupted when a mysterious assailant in a white scarf—a figure who has been stalking Piazza since his release—kills their client and swipes the brown leather bag containing the money. The Americano sends Rocco and Piazza to pursue those responsible, only to discover they’ve been sent after Chino and Don Vincenzo. Piazza refuses to shoot his former godfather, but Rocco coldly shoots the old man while Chino narrowly escapes.
The Americano has Piazza beaten for insubordination and is prepared to have him killed, but Piazza survives by convincingly arguing that Rocco and his men were behind the earlier theft of the $30,000. The Americano retreats to a rural estate with his entourage, among them Piazza, but is ambushed and shot by a vengeful Chino. Piazza then turns his weapon on The Americano’s men and wipes them out, while Chino dies from his injuries.
Piazza travels to an abandoned church outside Milan and retrieves a blue bag containing the $300,000, revealing that he had secretly stolen the money years before and engineered the whole chain of events to get The Americano killed. His triumph is short-lived, however, as police pull him in for driving with an expired license and take him to the station for questioning.
In the waiting room, Piazza encounters Rocco—now being questioned for the shootout at The Americano’s house. Rocco noted the bag and, rather than showing aggression, suggests they could partner up. Piazza declines, and when released, heads to Nelly’s home with the money, planning to disappear with her.
Nelly is there with Luca, one of Rocco’s crew and the man in the scarf who orchestrated the bowling-alley theft. Nelly had secretly conspired with her lover Lucato to seize the $300,000 from Piazza. Luca shoots Piazza, but Piazza lands a final punch that fatally strikes Nelly. Enraged, Rocco storms in and kills Luca, as the police close in and drag Rocco away from the bloody scene.
