Peter and Neal are in the heart of fashion week. There is an international crook out on the loose that has the nickname as The Ghost.
Tara is a model that overhears the Ghost murder someone. She goes to the FBI, which put her as the only witness who can point out who the Ghost really is.
Neal hatches a plan to throw a party to catch the crook because the witness will know the criminal by his voice.
The party is decked out with FBI agents ready to catch the mystery man. Tara realizes that one man, Dmitri, at the party is speaking Hebrew over his cell phone to The Ghost. Somehow the crook sees this and slips his phone into a stranger's pocket and gets away.
Mozzie and Neal meet and discuss Kate Neal believes that Kate was trying to send him a message to warn him about the guy at the ATM machine.
The only way to prove his theory correct is to view the video surveillance of their last visitation. Peter unknowingly agrees to show him the tape if he helps him wrap up the case.
The next day Neal and Peter follow Dmitri to a photo shoot. Looking like another con interested in what Dmitri is after, Neal gets Dmitri to tell him the mystery mans name - Kovak and plan - Dmitri is trying to buy something off of him.
It doesn't work out in the end for Dmitri who is found murdered in an abandoned hotel room. Neal realizes that the random dress there might have something to do with this case.
They track down the designer who tells them the entire story. Kovah is using the dress as a way to smuggle in illegal substances. They set up an operation to meet with him.
Kovach realizes it's a set up and doesn't show up. When Neal and Peter get back to the FBI headquarters they find out that Kovach has kidnapped Tara and knows that the FBI are involved.
Kovach gives him one minute to run to the fountain. Peter gets there and gives him the dress. Neal hot on his feet thinks to jam up Kovach phone so that he can't set off the bomb.
Neal goes after him and the other FBI agent, Lauren, comes up from behind and karate shops him to the ground.
Peter lives up to his word and gives Neal the video surveillance tape. Neal catches Kate giving him the Morris code signal for bottle.