This episode (re)introduces Milk-chan, a poor girl living with her pet slug Hanage and robot Tetsuko. Milk lost ¥2 million in the stock market, the creditors have been on her tail for three months, and she owes six month's back rent. After her attempt to extort money from the ant family living outside, the President calls with a mission for her. A counterfeiter has been making fake bills with Gin's face instead of Kin's (see below). The counterfeiter has been using the money to buy tons of belgian waffles, so Milk and Tetsuko open a belgian waffle stand to lure and capture him. Never mind that the counterfeit money was never quite recovered.
A bit of explanatory trivia from ANN.com:
In episode 1, when Milk-chan and the gang search for a money counterfeiter, they identify the real currency as bearing the face of "Kin" while the fake currency has the face of "Gin". These are actually the names of twins Kin Narita (1892-2000) and Gin Kanie (1892-2001), Japan's oldest twins. ADV's version has Kin and Gin replaced with Mary-Kate and Ashley Olsen.
In the original version of episode 1, at the end where all the (live-action) people are snatching counterfeit money, one person holds up a counterfeit 10,000 yen bill and says "All right! Now I can get all the volumes of Kochikame!" Kochira Katsushika-ku Kameari Kouenmae Hashutsujo or "Kochikame" for short, is a manga which started in 1976 and is still running today, with over 130 volumes.