Underbelly

Squizzy makes a name for himself with a successful jewelry store robbery dressing woman clothes, pickpocketing and sly-grog selling but when he plans to hold up a bank manager, things don't go quite as smoothly.

Squizzy plots his rise to the top of Melbourne's underworld by triggering a gang war between Henry Stokes and "Long Harry" Slater. Dolly becomes heartbroken when Squizzy falls in love with a starstruck waitress. Snowy Cutmore betrays Squizzy after figuring out that Squizzy had him shot at by a disfigured Aussie digger.

Henry Stokes returns from Tasmania unexpectedly, furious at how Squizzy has run his businesses into the ground. Squizzy throws a lavish party for him to heal the rift, but shortly afterwards Stokes is arrested for possession of stolen property. Then Squizzy takes to the racetrack and thought to an honest career but the old habits die hard.

Needing time to regroup, Squizzy finds himself drawn back to the arms of Lorna but after a night with her, Squizzy realises he was wrong and return to Ida. However, Ida's inexperience in criminal matters lands both herself and Tankbuster in gaol, which inevitably threatens her lover Squizzy's freedom.

Detective Bruce befriends pregnant Lorna and tries to convince her to turn her husband in. She may be devastated by Squizzy's disappearance and the fact he's taken a lover, but she won't tell. Ida's loyalty reconfirmed, the police's case in disarray and with a film to be made, Squizzy decides to turn himself in.

The old gang is reunited when Squizzy and Tank break Angus out of jail. But Angus finds himself facing the hangman's noose after a botched bank robbery.

After a brutal six months jailtime for harbouring Angus, Squizzy's attempts to go straight falls short when Long Harry Slater returns to Melbourne and offers him work in the cocaine business. But Snowy Cutmore also returns to Melbourne which leads to a fatal confrontation between the former friends.