Nationwide Catalytic Converter Theft Ring Made Hundreds of Millions of Dollars (NBC News)

Nationwide Catalytic Converter Theft Ring Made Hundreds of Millions of Dollars

  Friday, November 4th, 2022 Source: NBC News

The Justice Department on Wednesday announced what officials called the first national takedown of a criminal enterprise profiting from the rampant theft of catalytic converters.

The scope of the car parts operation was huge: Officials said they will seek $545 million in forfeitures of cash, luxury cars and real estate.

‘Amidst a rise in catalytic converter thefts across the country, the Justice Department has today carried out an operation arresting 21 defendants and executing 32 search warrants in a nation-wide takedown of a multimillion-dollar catalytic converter theft network,’ Attorney General Merrick Garland said in a statement.

Thefts of catalytic converters -- an antipollution car part laden with platinum, palladium and rhodium -- have exploded since the pandemic began, fueled by a surge in the value of those metals.

Thieves made off with 12 times as many catalytic converters in 2021 as they did in 2019, according to the National Insurance Crime Bureau.

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