$2.5m theft racket reported at Holden

Thieves have reportedly stolen $2.5 million worth of engines, transmissions and parts from car maker Holden in South Australia, in what police say could be an inside job.

News Limited says the items allegedly siphoned off include hi-tech V8 motors worth $10,000 each, but sold for as little as $1,500 by the thieves on the black market.

Detective Superintendent Peter Harvey, from the Organised Crime Investigation Branch, has confirmed an operation codenamed Echidna is underway.

The GMH corporate affairs manager in South Australia, Sean Poppitt, says it’s an ongoing investigation, but he can’t give any details.

News Limited says Elizabeth CIB detectives found a V8 engine stolen from the Elizabeth plant during an unrelated inquiry.

It’s believed people working at the Holden plant are involved in the racket.

GMH received a $275 million bailout from the state and federal governments in March to keep operations at Elizabeth.

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