Sam and Fordy run a credit card fraud scheme, but when they steal from the wrong man, they find themselves threatened by sadistic gangster. They need to raise £5m and pull off a daring diamond heist to clear their debt.
Miles Logan is a jewel thief who just hit the big time by stealing a huge diamond. However, after two years in jail, he comes to find out that he hid the diamond in a police building that was being built at the time of the robbery. In an attempt to regain his diamond, he poses as an LAPD detective.
Big Nick is back on the hunt in Europe and closing in on Donnie, who is embroiled in the treacherous and unpredictable world of diamond thieves and the infamous Panther mafia, as they plot a massive heist of the world's largest diamond exchange.
Gang leader Tony pulls off a major diamond heist with his crew, but cop-turned-criminal Ling knows who has the loot and responds by kidnapping Tony's daughter and holding her for ransom. Unfortunately, Tony's lost the diamonds as well. As he frantically searches for his daughter and the jewels, Tony pairs with a high-kicking government agent who once worked with Ling and seeks revenge on him.
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'.