The bad guy is captured and sentenced to swing. The priest says he's unrepentant. He certainly acts that way to the people who show up. He announces that they too will die; he will reach out from the grave and kill them. When they begin to die, Scotland Yard tries to figure it out in the person of Joachim Fuchsberger. How is a dead man committing a string of murders, and what has a strange and beautiful ring got to do with it all?
It's another of the seemingly innumerable German adaptations of Edgar Wallace stories. I looked at one with English dubbing, and was rather impressed at the beginning, with its Werner Kraus-like villain in a Caligari-esque setting. As the movie proceeds, things get murkier, but not in a good way, as the air of supernatural doom goes on and on until the fifteen-minute wrap-up, when everything falls apart rapidly.