Philly towing firm nabbed for stealing catalytic converters to tune of $8 million -
Four thieves have also been charged and accused of stealing converters later sold to the towing company.
Catalytic converters are valuable because they contain the precious metals rhodium, platinum and palladium. Thieves steal converters from vehicles and sell them to intermediaries, who in turn sell them to people who can process the metals into powder with a process called decanning. The powder is then sold to metal refineries.
From 2020 to this year, thousands of converters were stolen out of Bucks County, plus other Delaware Valley jurisdictions, including New Jersey and Pennsylvania’s Montgomery and Delaware counties and Philadelphia.
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