Two men arrested for $1 million Caterpillar theft

By WEEK Producer

September 17, 2013 Updated Sep 17, 2013 at 7:34 PM CDT

EAST PEORIA, Ill. -- East Peoria Police have arrested two men in connection with the theft of more than $1 million in Caterpillar property.

John R. Peters, 50, of East Peoria, and Eliot J. Wells, 35, of Peoria, were arrested on September 11.

East Peoria Police executed a search warrant at 352 Cole Street and recovered approximately $300,000 worth of Caterpillar property.

During the investigation, it was discovered that the men had already sold approximately $485,000 worth of Caterpillar property online.

While further investigation is needed to determine the full amount of the theft, East Peoria Police believe it will exceed $1,000,000.

Peters and Wells are currently being held in the Tazewell County Jail on $500,000 bond.

This story will be updated.