Magda is the daughter of a smuggler named Arthur Ferguson, as well as the lover of Alain Roberts - another member of the smuggling operation. Magda and Alain learn that an aeroplane that Arthur had been traveling on has crashed, and that he is believed to be the sole survivor. There is a particular significance to this as Arthur had been smuggling diamonds given to him by a man in the Middle East in exchange for weapons so that his people could fight for their freedom.
Magda learns that her father has lost his memory due to the crash and that the diamonds must have sank into the sea. She calls upon Sam Hellman (a man who had done dirty deeds for her in the past) to help them excavate the submerged loot, offering to split it with him 50-50. However, she is soon shocked to discover that not only has her father escaped from the hospital, but has beat them to the punch in retrieving the diamonds.
Magda, Sam and Alain track the thieves to a secluded house where she makes another realization. The man (his face having been covered in bandages up until now) was not her father at all, but rather George Truman: a man who Arthur had confided in about the diamonds. Magda gets into a scuffle with Truman's wife and then flees the building. George chases after her and then stabs her multiple times.
Injured, but not fully incapacitated, Magda turns her pistol on Sam, whose motives she had become gradually suspicious of - and for good reason, as he is in fact a double agent working with the police. However, Sam is saved when Dr. Karen (another individual tracking the diamonds) shoots Magda in the head and kills her.
Though not outright stated, it is implied that the members of the smuggling organization, Magda included, had no intentions of upholding their end of the bargain (to exchange guns for the jewels), at the very least, after having learned of Arthur's demise.