U.S. Federal Authorities Have Dismantled a Nationwide Catalytic Converter Theft Ring
• The criminals were primarily interested in the metals contained in the converters, including platinum, palladium and rhodium.
The attraction of catalytic converters to criminals has come from the fact that they it contain precious metals that can be sold at a premium, including platinum, palladium and rhodium.Photo: Ford Catalytic converters in a Ford plant In recent years, the value of these metals has increased dramatically. In March 2021, Global News reported that the price of palladium had risen from about $200 USD per ounce 12 years ago to nearly $2,300 per ounce.
To give you an example of the explosion in thefts, a quick look at the numbers in British Columbia is instructive. In 2015, 146 converter thefts were recorded in the province. That number jumped to 1546 in 2020. Those kinds of increases have been seen cross North America. The Federal Bureau of Investigation said that the network of thieves, dealers and processors was able to pocket tens of millions of dollars from the stolen converters.
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