Director: Simon Wincer.
The story begins in 1938 when several gangsters arrive in the Bengalla jungle. From the necropolis of the Tuganda tribe, the bandits steal a silver skull and leave in a hurry, having heard the sound of drums. Their truck is being chased by some immortal being, the Phantom - it intends to return the treasure. A truck pulls into a dilapidated bridge that collapses. The phantom rescues a tied passenger, the boy Zak, who was a guide for the bandits. One of the gangsters, Quill manages to jump out of the truck before it falls and hide with the artifact. Journalist Diana Palmer instead of her uncle flies to meet with the head of the Jungle Patrol, Horton.
The plane is attacked by hijackers and Diana is kidnapped. Horton meets Phantom and informs him of what happened. The masked hero finds the lair of the robbers and saves the girl. In New York, Quill brings the silver skull to Xander Drax, a wealthy businessman who wants to take over the world. If you collect all three Skulls of Touganda, then with their power you can become the world ruler. But Drax is determined to be thwarted by the Phantom, the guardian and protector of the Bengal jungle. A hero disguised as an ordinary guy, Kit Walker, arrives in New York. There he meets Diana, who is actually his longtime girlfriend. They find out where the second skull is hidden and rush to get it before Drax.