Edwin Maxwell is a crooked lawyer with a well-organized racket. He sends out members of his large gang to organize an 'accident', with plenty of witnesses, then settles profitably with the insurance company. Little does he know that the insurance companies have detected his fraud and Captain John Hamilton and his mustache have sent in policeman George Lynn to infiltrate the gang. The audience can be certain of one thing: Crime Does Not Pay!
The long-running MGM series was still pretty new at this point, which is probably why this mediocre entry wound up with an Oscar in one of the short subject categories. It's hard to get people upset about insurance fraud. True, it can run into millions of dollars (these days, billions), but people think of the bill being paid by the insurance companies. Ah, but where do the insurance companies get that money? From you and you and you, Mr. And Mrs. Audience Member!
I still am surprised at its win. Perhaps there were several insurance company owners in the Academy in those days.