The train reaches Stamboul and Pyne meets Edward Jeffries and asks Elsie to meet him at the Tokatlian Hotel in thirty minutes time. She does so and he hands all of her jewellery back to her but refuses to say how he recovered it. He leaves the hotel and goes to a café where Edward Jeffries joins him by appointment. It was Jeffries who received Pyne's telegram and handed the jewels back. Pyne tells him about his wife finding the message on the blotter and puts it to Jeffries that the jewels were actually taken by him before he left London, leaving paste copies behind. It was these that had to be "stolen" again and disappear at some other point but in a way that would not bring an accusation on any innocent person. The point before Venice is the only time on the journey that the jewels could be taken and thrown into water and not end up in land where they could be found. He suspects Jeffries is not a thief but a victim and the young husband confesses that he has been blackmailed for some time by a Mrs. Rossiter who Jeffries shared a bedroom with in the West Indies, on the purely innocent grounds of protecting her from her supposedly violent husband. It was a scam and Jeffries has been suffering ever since. Needing the money for the latest demand, he "stole" his wife's jewels. Pyne tells him to leave the blackmailer to him and to confess all to his wife, except for the fact of being scammed in the West Indies. He is sure Elsie will be delighted to believe that she has reformed a rake.