US police announced Wednesday that they have busted rings of catalytic converter thefts that have amassed wild sums estimated at more than $500 million.
The 21 people arrested “have made hundreds of millions of dollars at the expense of thousands of innocent motorists,” said FBI Director Christopher Wray.
many rare metals
Catalytic converters are used to reduce the harmfulness of gases emitted from exhaust pipes. They include many precious metals (platinum, palladium and rhodium) whose value has skyrocketed in recent years. Easy to steal, they can be resold for over $1,000 each on the black market.
In California alone, 1,600 catalytic converters are stolen each month, according to Phillip Talbert, US Attorney for that state.
Three of the defendants, originally from California, are accused of having earned $38 million participating in this traffic.
Source: BFM TV
