A group of young flying students are suspected of a series of murders perpetrated by the mysterious Black Hangman. The Hangman, pretending to be a Nazi agent, is actually an engineer who has located lost helium deposits in Africa and is planning to sell the helium to Germany through a Gestapo ring. Eventually, however, the lads learn the Hangman's true identity and wipe out the Gestapo ring. Vindicated, the American lads, now heroes, receive their Air Corps wings.