The main character (Esther/Lily) played by Illona Wieselmann is maximally alienated, estranged from herself, by amnesia. Even before that, she's alienated from her husband whom she does not love. She has a physical condition of anemia that brings on the crisis of leaving her home, wandering off, almost throwing herself in the harbor and being taken in by a prostitute who lives with an odd assortment of people on the fringe in a house run by an older man who apparently was a pianist or organist now on harder times. He's alienated too, estranged from whatever he used to be, which I'm not sure of. His son, a thief, has been shopped by one of the boarders, sent to jail for 3 years and returns. One of the other prostitutes wants the son, but soon finds that he's instead going for Lily.
These people house Esther, now Lily, whom they realize has no memory of her previous life. The son (Janus), played by Ebbe Rode, will resume his life as a thief, but the main focus is on the relationship between him and Lily that develops. He takes her, not exactly a rape, as she as Lily goes along with it after initial resistance. They then become a couple, and they're in love. The man who once shopped him, played by Ib Schønberg, makes a first-rate weasel and heavy. Once he finds out who Lily really is, he tries to blackmail Janus. The jealous ex-lover of Janus gets into the act, and soon Lily knows she's not Lily but Esther. And soon Janus's next burglary is compromised. Janus has a very good scene in which he reveals to Lily the meaning she has for him and his life. Alienated as a criminal, he is coming out of it, and her pregnancy is favorably included in that change in his outlook.
Now comes an exceedingly interesting quicksilver pair of changes in emotions and actions when Esther, the middle-class woman, the lady, rejects Janus and their relationship as impossible. Lily, she says he was right for, but not Esther. That doesn't last long, before her empathy and love returns when the cops are after him. Her new identity prevails. This leads to the shootout and ending, which need not be told.
The movie is not the best. It does have several faults. Some scenes are stilted. One sequence seems way too long for what it accomplishes. From the noir lighting perspective, it's rather flat. However, beggars can't be choosers. We can't be too critical, given the year, what must have been the production circumstances, and the fact that it was the first outing for the director. I have also noticed that foreign studios in a good many countries at this time were not up to Hollywood's better productions. They can seem more cheesy, not as far down as a bad poverty row picture; but if you pick off some film from Greece or Egypt or Denmark or Sweden, you might feel this because the acting may not be smooth, the scenes more clumsy, the sets not as rich, etc.
Countering all that, Illona Wieselmann does a first-class job in holding this movie together. She's intense even when saying nothing. Her beauty grew on me. Her position drew my sympathy. She's slight but she could be very firm. She becomes quite flirtatious with Janus, as Lily was very different from Esther. In other words, the story gives us a real female character, who is at once girl, dreamer, vulnerable, seductive, needing protection but strong.