The nationwide catalytic converter theft ring had acquired enormous assets of more than half a billion dollars, according to a statement released by the FBI on Wednesday.
According to an FBI statement, a total of 21 persons were detained and charged in the nationwide sweep.
According to FBI Director Christopher Wray, “they made hundreds of millions of dollars… on the backs of thousands of innocent car owners.” The poisonous gases and pollutants that automobile exhaust systems generate are reduced by catalytic converters.
They contain a variety of precious metals, including platinum, palladium, and rhodium, whose prices have skyrocketed recently. The car parts are simple to steal and may be bought for more than $1,000 each on the black market.
According to Phillip Talbert, a federal prosecutor in California, 1,600 catalytic converters were stolen every month last year in that state alone.
Three of the defendants, all residents of California, are accused of participating in the ring’s sale of stolen catalytic converters worth more than $38 million.
