Major Characters:

• The Shadow/Lamont Cranston
• Genga: Owner of a business dealing with imported precious gems.
• Shan: Genga's partner.
• Ali Genga: Genga's son.
• Kara Iltut: Ali's fiance.
• Hassan: Genga's manservant.

Featured Agents:

• Margo Lane
• Commissioner Weston

Minor Characters:

• Ancestor of Genga
• Buddha

Synopsis: (Warning! Contains spoilers!)
Lamont, Margo, and Commissioner Weston are having tea with a man named Shan, who relates the story of The Ring of Light and the Genga family.

Many years ago, a merchant by the name of Genga lived in Lhasa, Tibet. He was a very good man. One day, he was pursued by enemies on horseback while returning home. Upon reaching the city gates, he found them locked. With the horsemen gaining on him, he fell on his knees and prayed to the statue of Buddha before the gates for help. To his amazement, he hears the voice of Buddha, who accepts his prayers and gives him a ring (the aforementioned Ring of Light). This ring will bring luck to his family for 1000 generations, on one condition that no blood is spilled. Genga doesn't believe the ring's powers at first, but Buddha tells him to look at the horsemen. He turns to see them crossing the bridge to the city. Suddenly, there's a crash of thunder and the bridge collapses, killing them all. The ring has remained with the family to this day, bringing them prosperity, even following them to the new world where they settled. The descendant of Genga had partnered with Shan in a precious gem import business named "Genga and Shan", which prospered.

Luck, unfortunately would run out. Genga was in the vault room when he is visited by a woman with a gun. Genga remains calm, thinking all she wants were the gems. She demands the vault key, which he gives her without contest. Opening the vault, she goes straight for a copper box, which unnerves him. She knows exactly what's in the box: The Ring of Light. Genga begs her not to take it, but she ruthlessly murders him. But it is all in vain, for when she opens the box, she finds it empty!

At this point, Weston fills in the rest of the story from his point of view...

Lamont and Margo were in Weston's office chatting when a man named Ali Genga arrives. He is worried about his father, Genga. Hassan, Genga's manservant, had told him that Genga had vanished from the vault room. Shan was at home at the time, and something has been stolen. Ali wants complete confidentiality. Suddenly the lights go out and there is a thud. When the lights come back on, there is a knife on Weston's desk with a threatening note attached. Ali rushes back to the vault room. Lamont, Margo, and Weston follow.

Waiting in the lobby of the Genga and Shan's store for Ali, all three marvel at the beauty of the place, a sure sign of the business's success. Hassan greets them. Lamont asks him about Genga's disappearance and he replies cryptically that the hand of Buddha has struck. They suddenly hear a cry, and run to the vault room. There, they find Genga's lifeless body, dead from a gunshot to the heart. Hassan is ordered to open the vault, whereupon Ali's corpse falls out. He has been stabbed with a knife similar to the one on Weston's desk. Terrified by the bodies and a curse on the Genga family, Hassan flees the scene. On further inspection, Margo finds a woman's handkerchief with the initials K.I. embroidered on it. Lamont senses that someone doesn't want them here, for he smells smoke! They must search the place for clues fast before the fire spreads. Weston finds an address in Genga's billfold. It is for a woman named Kara Iltut at 121 Hillset Road. Lamont deduces that Hassan knows more than he's letting on.

Meanwhile, Hassan is on the phone with Shan. He tells him that there's a fire at the vault room and that there's nothing Shan can do about it. But Hassan can tell him all he needs to know if he comes to 121 Hillset Road. After hanging up, Hassan is confronted by The Shadow. Hassan admits he knew about Kara Iltut and Genga, and that he lured Lamont, Margo, and Weston to the store. He explains that Kara and Ali were secretly engaged, and Genga knew nothing about her. She came the day of the murder and told him to start the fire if the police ever came to examine the place. The Shadow lets him go, for now.

Arriving at Kara's house, which seems like a castle with its towers, Lamont, Margo, and Weston find the doors open. Going in, they hear Shan's cries and a woman's evil laughter. Following the sounds, they are lured into a booby trapped room. They find the door locked, and across the way, they see a triumphant Kara on a balcony. She admits to the murder of Genga, and the fact that Ali is Genga's stepson. Genga wasn't fond of him and mistrusted him, and did not want to leave him The Ring of Light, preferring instead his partner Shan. So Kara goes to take The Ring from him, and kill him in the process. She will kill Lamont, Margo, and Weston too for meddling. She will pull a lever, and the floor beneath them will open, dropping them into a vat of boiling water. Luckily, the floor opens slowy, and Lamont tells them to back away from the opening. Thinking quickly, Lamont figures that Kara knows nothing of Ali's death, and asks Weston to give him the note that was staked to his desk by the knife. Showing Kara the note, he lies that this note was found on Ali's dead body, and it contains his last words. Kara is shocked. She decides to stop the machinery opening the floor. She goes down to the room, gun in hand, and demands the note. Lamont disables the gun, but she manages to escape. Now, they must get to Shan before he is killed.

In another room, at the top of the tower, Hassan is holding Shan. Kara knows he has the ring and demands that he give it to her. He refuses. She orders Hassan to put him over the ledge of the window, threatening to drop him to his death if he doesn't comply. Hassan tries to follow the order, but finds that he cannot move Shan. It is as if some invisible person is holding him! The Shadow reveals himself, and tells them he knows everything. Hassan, in fear, quickly blames Kara for making him do things. He then siezes her and throws her from the tower as punishment for her treachery...

Weston finishes the story. Lamont notices that the daggers that used to hang on Shan's wall are missing. Shan explains that one of the daggers was used to warn Ali not to report to the police (it landed on Weston's desk). Then he asks Lamont to turn off the lights. When he does so, Shan opens the door of a little shrine on the table, revealing the glowing Ring of Light. He justifies the murder of the evil son, Ali, to keep the ring. Weston knows that he must now face the law. Shan tells them sadly that the ring will not give him any luck, for there is blood on his hands. The tea Shan has drunk has posion (which he had administered himself), and he goes to meet his ancestors, his lifeless body smiling at the ring.

Driving home, Weston doesn't believe the ring's powers and that it's caused nothing but trouble. He suggestes that maybe they should get rid of the ring (of which Lamont is the new custodian) by throwing it out of the window. Upon saying that, they almost get into an accident with an oncoming car.

Weston is finally convinced!