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After millionaire John Saunders is kidnapped from his estate by the Cobra, a clever, vicious criminal, Jerry Miles and Mike Strager dramatize the crime on their weekly radio program, Crime of the Week. While the dimwitted Jerry and Mike use the show to criticize police lieutenant Rick Campbell's investigation of the Cobra, the program's bright writer, Ellen Brent, consistently predicts aspects of the criminal's activities in her radio scripts. Unknown to Ellen and her partners, however, is the fact that the Cobra is actually Latimer Marsh, their wealthy boss. When Ellen successfully predicts that Saunders will be murdered, Marsh and his sinister butler cohort, Stone, become concerned that she is getting too close to them. In an attempt to scare the trio off, Marsh invites Mike and Jerry to the Oriental Café and has Stone throw a knife bearing the Cobra's threatening mark at his chair. Although the cowardly Mike and Jerry are ready to quit the case, Ellen insists that they not only continue their broadcasts, but catch the Cobra as well. Ellen also insists that Mike and Jerry issue an on-the-air apology to Rick, with whom she has become romantically involved, and invites Rick and his partner to a studio banquet in their honor. Before the banquet, during which Ellen plans to reveal crucial information about the Cobra case, Marsh offers to show Ellen a file at his estate that he has on Saunders. While Ellen inspects the file, Mike and Jerry tour Marsh's "hobby" room, which consists of "chamber of horror" waxworks and displays of old-fashioned torture devices, and are threatened by the sadistic Stone. Later, Ellen, who is convinced that Marsh is hiding information in a file cabinet, insists that they sneak back to the mansion and break into the cabinet. After Marsh catches them in the act, he goodnaturedly reveals that the cabinet contains only liquor and sends them on their way. During the banquet broadcast, however, Marsh calls Ellen away with a phony emergency call, and Stone chloroforms her and drags her to the basement. While ensconced in an upstairs maintenance room, Marsh tries to kill Mike with a poison blowdart, but hits the show's announcer instead. When a dazed Ellen is found with the blowgun in her hand, she becomes Rick's prime murder suspect until he realizes that there are no lipstick marks on the blowgun. Now convinced that Marsh is the Cobra, Mike and Jerry go to Marsh Manor, but fumble in their attempt to capture him and are themselves caught and left to die. After Ellen and Rick rescue the pair, they then plot to trap Marsh and Stone with another "tell-all" broadcast. Disguised as an old, feeble couple, Marsh and Stone gain entrance to the studio and return to their hiding place with the blowgun. They are fooled, however, by mannequins planted by Rick, and a frustrated Marsh begins shooting wildy at the stage. After a furious chase in and around the studio building, Marsh and Stone are finally killed by the police, and Mike and Jerry are rescued.