Federal agents raided the New Jersey mansion of a businessman allegedly involved in a nationwide stolen catalytic converter ring that brought in millions of dollars.
FBI, Homeland Security Investigations and IRS agents searched the $1.7 million home on Bucks Mill Lane in Holmdel Wednesday afternoon, removing evidence and property — including one pricey item that required a tow truck. Federal investigators were seen towing a Ferrari from the home as the street was blocked off.
Law enforcement sources said the home and luxury vehicle are owned by Navin Khanna, the head of a firm called"DG Auto Parts" which is allegedly linked to the nationwide auto parts theft ring. Agents said DG Auto was among the operations across the U.S. accused of buying, and then re-selling, stolen parts.
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