U. S. uncovered network for stealing neutralizers worth millions of dollars
2022.11.02 18:25
U. S. uncovered network for stealing neutralizers worth millions of dollars
By Tiffany Smith
Budrigannews.com – On Wednesday, authorities in the United States announced that they had dismantled a nationwide ring that was stealing thousands of catalytic converters from automobiles and trucks, indicted 21 individuals, and seized millions of dollars in assets.
In separate unsealed indictments from Sacramento, California, and Tulsa, Oklahoma, a number of defendants were accused of crimes like transporting and receiving stolen goods across state lines and conspiring to commit money laundering.
Vehicle exhaust devices known as catalytic converters transform harmful gases into less harmful emissions.
They can be stolen in less than a minute, frequently lack information about their identity that can make it easier to locate them, and can be sold on the black market for more than $1,000.
DG Auto Parts LLC of Freehold, New Jersey, allegedly sold precious metal powders it extracted from the devices through a “de-canning” process to a metal refinery for more than $545 million, according to the U.S. Department of Justice.
After seizing other assets like cash, homes, bank accounts, luxury cars, and other assets, the authorities want that sum to be forfeited. In the takedown, according to Attorney General Merrick Garland, 32 search warrants were executed. Prosecutors stated that the alleged scheme began approximately three years ago.
In a statement, FBI Director Christopher Wray said, “This national network of criminals hurt victims across the country.” On the backs of thousands of innocent car owners, they made hundreds of millions of dollars in the process.”
DG Auto advertises itself as the top catalytic converter buyer in that state. In both indictments, its owner Navin Khanna, 39, was accused.
During business hours, the company did not return calls or messages seeking clarification. We were unable to locate Khanna immediately for comment.
