Egon Olsen has a problem. The money for the children's home has been used by Mr. Hallandsen and his office stab. Egon has to prove this, if he will save the Christmas for the home. To help him he finds Kjeld and Benny in his new school. So they form the Olsen-banden (The Olsen gang.) And Egon has a plan. But so does Hallandsen. He needs money to get out of the country, and he plans to do the inverse Santa Claus. Where Santa picks up the gifts instead of bringing them out. Who has the better plan? Will there be any Christmas for Olsen-banden this year?