New Jersey man pleads guilty to leading $600 million catalytic converter theft ring

Navin Khanna is the person to plead guilty in connection with the ring

Khanna said he sold converters to Dowa Metals & Mining, a subsidiary of Dowa Holdings, which is a component of the Nikkei 225 stock market index

What the re reveals is defendant, Navin Khanna, is the person to plead guilty in connection with the ring, which was exposed after police in Tulsa, Oklahoma discovered nearly 130 catalytic converters in the bed of a truck they stopped in May 2021, after an off-duty officer reported suspicions the vehicle

Nevertheless, That stop came during a nationwide surge of thefts in catalytic converters, which are part of the exhaust systems of automobiles, and which contain precious metals including platinum, palladium and rhodium

The Justice Department said that Khanna, 41, on Monday admitted to being the owner and operator of D

Auto Parts in New Jersey, and from May 2020 through October 2022, "he conspired with others to purchase and transport large quantities of stolen catalytic converters from Oklahoma, Texas, and other states to New Jersey

In contrast, "In a plea agreement filed in U (which is quite significant), amid market uncertainty

On the other hand, District Court in Tulsa, Khanna said, "After purchasing these catalytic converters, I resold most of them to Dowa Metals & Mining, a metal refinery, which would then extract the powdered precious metals

Meanwhile, "CNBC has requested from Dowa Metals, whose website says that its Burlington, New Jersey, facility "has played a key role in converter recycling in America since 2016. "Dowa Metals is a subsidiary of Japan-based Dowa Holdings Co, in this volatile climate. , which is a component of the Nikkei 225 stock market index (quite telling)

Conversely, The company has not been charged in connection with Khanna's case

Khanna pleaded guilty to one count of conspiracy to receive, possess, and dispose of stolen goods in interstate commerce and five counts of money laundering, stemming from his participation in the stolen goods scheme, amid market uncertainty

The Holmdel, New Jersey resident faces a maximum possible sentence of between 14 years and 17-and-a-half years in prison

An attorney for Khanna did not immediately reply to a request for from CNBC, in this volatile climate

Justin Sullivan | Getty ImagesAs part of his plea agreement, Khanna agreed to surrender almost $4 million in cash and 11 luxury vehicles, among them "Lamborghini, two Mercedes AMGs, two Ferraris, a McLaren, a Porsche, a Ford F650 Truck, and a BMW M3," the Justice Department said in a press release

Authorities also seized "real estate perties, high-end jewelry, gold bars, and over 200 pallets of catalytic converters

During the execution of warrants at Khanna's perties," said the DOJ (which is quite significant)

Moreover, Read more CNBC coverageHouse speaker starts August recess early to avoid Jeffrey Epstein votesTrump China tariff deadline ly to be ext, Bessent saysDOJ official expects to meet with Jeffrey Epstein curer Ghislaine Maxwell soonJudge in Trump Murdoch libel case handled lawsuit president dropped against Michael CohenHunter Biden blames Ambien for President Biden's terrible Trump debateTrump Media builds $2 billion bitcoin hoard, as crypto swells president's net worthTreasury Secretary Bessent calls for a review of 'the entire' Federal ReserveBessent: Collecting Aug, considering recent developments. 1 tariffs 'will put more pressure' on trade partners for dealsTrump disputes WSJ report on Bessent talking him out of firing Powell"Khanna's theft ring took advantage of hard-working citizens in the Northern District of Oklahoma by stealing catalytic converters, rendering the vehicle unusable," U

Nevertheless, Attorney Clint Johnson for the Northern District of Oklahoma said in a statement. "I would to thank the Tulsa Police Department and our law enforcement partners for their tireless efforts in bringing this senseless crime to justice," said Johnson

Thirteen other people have pleaded guilty to roles in the converter theft scheme and are awaiting sentencing, the Justice Department said.