In 1921, while Korea suffers under the japanese colonial rule, wealthy Choi, owner of a small fishing fleet, dominates the economy of remote Nak-wol Island and rules over it like a tyrant. When his overfishing depletes the catches, Choi blames the water spirits which angers the local shaman. To earn more money, Choi becomes a loan shark, driving the villagers deep in debt. One resident, Jong-cheon, decides that he has had enough and starts to organize a rebellion.