This is a decent if rather low-watt German krimi (a genre which itself was pretty low-watt compared to later Italian giallo genre it later inspired). The protagonist is a seemingly unstable, very method-like actor playing Jack the Ripper in a modern theatrical adaptation. Unfortunately, someone has begun committing a new series of Ripper-like murders and the intense actor becomes a likely suspect--or is he possibly being framed? As a murder mystery this is kind of weak tea, and as others have said the identity of the killer is pretty obvious. Unlike of a lot of the krimis, this movie was not based on a story by prolific English author Edgar Wallace (or even one by his less talented son Bryan Edgar Wallace). It has also had the misfortune of being released recently on a double-disc with another, inferior krimi "Secret of the Red Orchid", but one that stars Christopher Lee, Klaus Kinski, and Marissa Mell. This one in contrast has no major stars in the cast, but is much better made.
What works best about this film is the style. Although the German filmmakers were doing their damnedest to capture the look of foggy London (usually using foggy Hamburg as a stand-in) where these films are almost always nominally set, they actually manage to capture some of the old ambiance of early 20th century Germany Expressionism. This interesting movement was destroyed in its native land by Hitler when he drove all the "decadent" Modernist artists out of the country. Many ended up in America where their artistic sensibilities informed 1940's American film noir. These German movies, by accident or design, capture a lot of this old visual style, even if plot-wise they're a lot closer to ridiculous, zany Italian gialli films they inspired than the fatalistic, downbeat film noir or old German horror films. What ALL of these genres have in common though is an emphasis on powerful visual style, which is unusual in the world of cinema, dominated as it has been by the heavily narrative Hollywood style.
But I digress. This isn't one of the best krimis, but any decent krimi in my book is certainly worth a look.