Crime
US Busts Catalytic Converter Theft Ring That Extracted Metals
- More than $545 million in asset forfeitures sought in case
- Stolen catalytic converters were sold to refineries for profit
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US authorities said they arrested 21 individuals in five states for allegedly participating in a national network that stole thousands of catalytic converters from cars and then sold them to processors to extract precious metals from the devices valued at tens of millions of dollars.
Law enforcement officials also executed 32 search warrants and seized millions of dollars in assets including homes, bank accounts, cash and luxury vehicles, the Department of Justice said Wednesday in a news release. The government is seeking forfeiture of more than $545 million in connection with the case.