The facts might make you smile a priori, but the loot is enough to make you realize the importance of the case. US police announced Wednesday that they have dismantled networks of catalyst thieves who have amassed insane sums estimated at more than half a billion dollars.
Twenty-one people have been arrested and charged in connection with the raid across the United States, according to a federal police statement. “You’ve made hundreds of millions of dollars off the backs of thousands of innocent motorists,” said FBI Director Christopher Wray.
The price of rare metals has exploded
Catalytic converters are used to reduce the noxiousness of exhaust gases emitted from tailpipes. These include many precious metals (platinum, palladium and rhodium) whose value has exploded in recent years. They are easy to steal and can be resold on the black market for over $1000 each.
In California alone, according to Attorney Phillip Talbert, 1,600 catalytic converters are stolen every month. Three of the defendants, originally from California, are accused of making $38 million from participating in the trade.