Federal agents raided the New Jersey mansion of a businessman allegedly involved in a nationwide stolen catalytic converter ring that brought in more than $38 million in stolen car parts
An Instagram account linked to Khanna shows luxury cars — like the ones seized on Wednesday — and a necklace in the shape of a catalytic converter.
Khanna is being charged out of California. Authorities nationwide are expecting more than half a billion dollars in forfeitures from the coordinated takedown carried out. The Department of Justice said searches and seizures took place in nine states, including New Jersey and New York, with 21 people arrested and charged in all.
"This national network of criminals hurt victims across the country,” said FBI Director Christopher Wray. “They made hundreds of millions of dollars in the process — on the backs of thousands of innocent car owners." A total of six people in Newark and two more in New York were arrested. Federal agents confiscated more than 200 pallets of catalytic converters, more than $2 million worth of exotic automobiles, more than $1 million cash, 29 ounces of gold bars, jewelry and several luxury handbags, according to the HSI Newark Field Office.
Catalytic converter thefts have increased dramatically since the start of the pandemic, with twelve times as many robberies in 2021 as compared to 2019.
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