Law Enforcement Busts , Theft Ring Making Millions , From Catalytic Converters.<br />NPR reports that 21 people have been arrested under <br />suspicion of their involvement in a theft ring that made <br />millions of dollars from stolen catalytic converters. .<br />NPR reports that 21 people have been arrested under <br />suspicion of their involvement in a theft ring that made <br />millions of dollars from stolen catalytic converters. .<br />A team of law enforcement agencies seized hundreds <br />of millions of dollars in assets, such as homes, bank <br />accounts, cash, cars and jewelry from defendants.<br />A team of law enforcement agencies seized hundreds <br />of millions of dollars in assets, such as homes, bank <br />accounts, cash, cars and jewelry from defendants.<br />The individuals face multiple charges, including conspiracy to transport stolen catalytic converters and conspiracy to commit money laundering.<br />The individuals face multiple charges, including conspiracy to transport stolen catalytic converters and conspiracy to commit money laundering.<br />NPR reports that the federal government <br />is seeking $545 million in forfeitures.<br />This national network of criminals <br />hurt victims across the country. <br />They made hundreds of millions <br />of dollars in the process — on the backs <br />of thousands of innocent car owners, Christopher Wray, FBI Director, via NPR.<br />15 of the individuals have been accused of buying catalytic converters from local thieves and then shipping the stolen parts to DG Auto in New Jersey.<br />Meanwhile, six people from DG Auto have been accused of buying the stolen parts and allegedly making about $545 million selling them.<br />The catalytic converter contains rare metals, including rhodium platinum and palladium, which can be worth hundreds of dollars at scrap yards.<br />According to the National Insurance <br />Crime Bureau, over 14,000 catalytic <br />converters were stolen in 2020. .<br />Since the beginning of the COVID pandemic, the prices of <br />the metals have increased, which has impacted their <br />production in places like Russia and South Africa
