When a sudden stock market crash leads to the collapse of a multi-billion-dollar enterprise, principal investigator Lau Kai-yuen from the ICAC finds himself deep in a complex web of crime surrounding the company's founder, Henry Ching. This investigation stretches on for years and reveals a myriad of corrupt dealings that challenge Lau's perseverance.
The story begins in 1974, when the ICAC was established to tackle rampant corruption, leading to many corrupt officers facing justice. In a moment of turmoil, these officers protest at the ICAC office, with the chaos instigated by Sarge. Lau steps in, persuading the agitated officers to disperse, and the government soon announces an amnesty for minor offenses, aiming to restore order by 1977.
Two years later, we meet Henry, who has fled Singapore after losing his job. Struggling to find new work in Hong Kong, he encounters K.K. Tsang, a man who mistakenly believes Henry's past success equals a prosperous future. They forge a lucrative partnership, leading to the creation of Carmen Century—a company named in honor of Henry's assistant, Carmen. As they cultivate their business, Henry manages to expand his reach through bribes and dubious dealings, navigating the world of real estate with the aid of wealth and manipulation.
Over an eleven-year span, Lau is relentless in his pursuit of justice against Henry, managing to secure an arrest warrant. However, luck seems to favor Henry, allowing him to evade consequences, as he and K.K. revel in their successes until the 1982-1983 downturn strikes. This economic collapse threatens to dismantle their empire and strains their friendship, as K.K.'s company struggles under police scrutiny. Tensions rise when K.K. threatens to expose Henry, leading to a desperate call for assistance from their backer, Musharra Hafa. But instead of the expected $20 million, they receive only $5 million, rendering their escape plan precarious.
As the situation unfolds, Henry’s lawyer Kelvin advises the team to maintain silence in the face of inquiry, complicating matters further when K.K. mysteriously disappears—leaving the reason for his absence uncertain. Henry, seeking to protect himself, agrees to cooperate with authorities under false assurances of safety, but betrayal looms as his subordinates are disposed of ruthlessly, exemplified by the tragic fate of Wan's model wife, who is murdered to ensure her husband testifies in Henry's favor. In a shocking twist, Kelvin is found dead with a note suggesting suicide, yet the circumstances surrounding his demise raise unsettling questions.
Fast forward a month, and Henry's trial begins, yet he emerges unscathed when K.K.'s son steps forward to accept the blame for fraud and bribery, receiving a lengthy 14-year sentence in lieu of Henry’s freedom. In an ongoing quest for justice, Lau travels to the U.K. in search of Hafa, hoping to persuade him to testify. In a twist of fate, Lau discovers Hafa was just another pawn in Henry's dangerous game, having been advised about undercover operatives meant to ensnare Henry.
Five years later, Henry is back in court, but again avoids serious repercussions when it’s revealed that the judge in his case has conflicts of interest, leading to a mistrial due to his prior investments in Carmen Century. The narrative continues forward to 1996, where Lau secures an extradition order for Hafa, setting the stage for a renewed trial. The film closes with Lau contemplating whether the extensive effort over the years was worth it, as Henry receives a minimal sentence of three years and Carmen Century's liquidation process leaves shareholders with nothing, highlighting the far-reaching repercussions of corruption.
