The head of a Montreal metal recycling company was arrested last week in connection with an operation involving the theft and fencing of vehicle catalytic converters, city police (SPVM) reported Tuesday.

Police said that searches conducted at the offices of the company, located in the borough of Saint-Léonard, and at the residence of the 28-year-old suspect have led to the seizure of nearly $260,000 in cash.

According to the SPVM investigators, the modus operandi of the apprehended suspect consisted of buying stolen catalytic converters from different individuals and then reselling them in bulk at a high price for their components.

The suspect will appear in court at the Palais de justice de Montréal in the coming weeks. Police are determined to continue the investigation and identify other suspects involved in this ring.

The catalytic converter is a part of the car’s exhaust system that contains metals palladium, rhodium and platinum.

— This report was first published by The Canadian Press in French on Feb. 9, 2022