Spoilers follow for Ebishima’s identity, the recovered jewelry and the earlier death.
Stakeout 4 is international episode 1205 (Japanese episode 1147), an anime-original case. The woman calling herself Kanako Sakuramachi is the accomplice known as Ebishima. Her real identity is Megumi Kanieda, the dead robber’s wife, and the missing-child emergency is a diversion to recover hidden jewelry.
The park’s final day gives her plan its deadline. She must collect the jewels before demolition removes the hiding place, and she uses a courier to move them away without carrying the incriminating package herself.
A final ride becomes another stakeout

The Detective Boys visit an amusement park on the day it closes. From the Ferris wheel, they spot Takagi and Chiba using binoculars while disguised as security guards. As in earlier stakeout adventures, the children promptly involve themselves in the officers’ work.
Six years earlier, two robbers stole jewelry worth 500 million yen. The principal robber, Ippei Kanieda, died the following day in what was treated as an accident, and none of the jewels was recovered. Police suspect the loot was hidden in the park he frequented as a student.
The other participant used the name Ebishima, but the police have little reliable information about that person. Once the park’s closure was announced, they began watching for an attempt to retrieve the loot. The last day is the remaining chance before the site is dismantled.
Why Yamagata looks suspicious

Genta loses his cap, and he and Mitsuhiko look for it. Yamagata, who has worked at the park for fifty years, speaks to them kindly. Conan and Haibara nevertheless notice behavior that seems to connect him with the restricted areas.
The investigation has also produced information about someone around 165 centimeters tall and an unidentified older man seen at Kanieda’s funeral. Those descriptions help make the elderly park worker look relevant, but the case eventually exposes misleading information supplied by the real culprit.
When Sakuramachi reports a missing daughter, the children and Chiba begin searching. Haibara uses the search as cover to follow Yamagata into a staff area near the Ferris wheel. He catches and warns her, but footage she sends Conan shows a curious detail: a weathered ventilation panel has much newer screws.
That is a real anomaly, but it does not yet establish that Yamagata is retrieving stolen jewelry. The episode builds its misdirection around several people using the same restricted spaces for different purposes.
A courier, a single shoe and a bomb threat

Delivery rider Daiki Nagasaki arrives for a Baker Eats order and is directed into a staff area. Chiba and Ayumi find one of the supposedly missing girl’s shoes, and Sakuramachi also enters a restricted building. The search now gives her a reason to move through places that would otherwise attract attention.
A caller claiming to be Ebishima says that a bomb has been planted in the park. White smoke fills areas where Nagasaki and Chiba are, obscuring the security cameras. Chiba protects Ayumi as the emergency scatters attention and disrupts the surveillance.
Nagasaki is then instructed to deliver a package to Beika Station. Takagi follows him out of the park. Haibara, meanwhile, loses sight of Yamagata near the Ferris wheel and discovers another child’s shoe by a drinking fountain, next to an opening in its structure.
The child never existed

Conan stops Sakuramachi as she tries to leave. Her account contains revealing errors: she gets the child’s name wrong and gives a description that corresponds to the colors of the carousel in front of her. There is no missing daughter. The search has been manufactured to clear her path and disperse the police.
The jewels were hidden beneath a panel beside the drinking fountain. During the bomb scare, she retrieves them and passes them into the delivery operation. When confronted, she has no jewelry on her because she expects to collect it from the courier later.
Takagi returns by bicycle carrying the delivery bag. The jewels inside expose the attempted transfer. The courier’s movement, which initially looked like another escape route to investigate, is the route by which Sakuramachi intended to separate herself from the evidence.
The wife and the park worker had different secrets

Sakuramachi is revealed as Megumi Kanieda, Ippei’s wife and the robber known as Ebishima. The ending also reveals that she killed her husband and disguised his death as an accident. The case therefore reaches back beyond recovering the loot to overturn the accepted explanation of his death.
Yamagata had hidden park souvenirs in the staff area and wanted to take them for his grandchildren. His interest in the panel and his secretive behavior explain the suspicious footage, but they belong to that smaller, sentimental secret. They do not make him the jewel thief.
Why the closing park gives the case its mood

The setting supplies more than a convenient deadline. Conan’s subdued recollection of an earlier visit contrasts with the children’s excitement over souvenirs, while Yamagata’s wish to keep something for his family returns that feeling at the end. Different people are trying to carry something away from a place that is disappearing.
Against that melancholy, the smoke-filled emergency is particularly harsh: children are present, Chiba has to protect Ayumi, and Haibara’s close observation becomes essential. The recovered bag provides a satisfying finish, but the wife’s role in the older death leaves a bitter weight beneath the familiar stakeout comedy.

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