Indictments were unsealed on Wednesday charging nearly two dozen people in a nationwide catalytic converter theft ring, the Department of Justice announced.
FOX Business’ Grady Trimble speaks with Joe’s Expert Auto owner Joe Betancourt in Chicago, Illinois, about the rise in crooks stealing catalytic converters.
The Department of Justice announced charges against 21 people on Wednesday accused of running a nationwideCatalytic converters, which reduce pollutants from a car's engine, have increasingly been targeted by thieves due to precious metals they contain, such as platinum and rhodium. Each catalytic converter can fetch more than $1,000 on the black market, and their lack of VIN information or a serial number makes them hard to track. hurt victims across the country," FBI Director Christopher Wray said in a statement. "They made hundreds of millions of dollars in the process—on the backs of thousands of innocent car owners.
The underside of a Toyota Prius where a catalytic converter was stolen by thieves, at Militoâs Auto Repair in Lincoln Park on Aug. 24, 2022.
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