Los Jaguma son una banda de ladrones que se visten como demonios. Los campesinos creen supersticiosamente que pueden ser verdaderos demonios. Iwami Juzaemon (Ryuji Shinagawa) investiga el caso de Jaguma con la ayuda de Hirose Gunza, el principal instructor de espada del clan.

When Boss Juzo's Shinmachi Yakuza family struck fear into the hearts of his adversaries, Boss Shohei's Okabe Yakuza family with a merciless gang of raiders, Itaro of Asama was missing. With the courage of a lion he had gone off to face the enemy and settle the score all by himself. As a result he had to take the blame in place of Boss Shohei, and went off to adventures on his own.