The England Illegal Money Lending Team (IMLT) has secured a forfeiture order under the Proceeds of Crime Act 2002 (POCA) against a man from Middlesbrough.
The 50-year-old was ordered to forfeit £45,820.00 and two diamond rings which were seized during an illegal money lending warrant last September.
He has also been told he must pay £600 compensation to a victim.
Teesside Magistrates’ Court granted the forfeiture order in respect of the assets after it was decided that the cash and jewellery were either obtained from crime and/or intended to be used for unlawful conduct.
Tony Quigley, head of the Illegal Money Lending Team, said: “This money will now be used to support community initiatives to help people avoid becoming victims of loan sharks.”
Money obtained through POCA is used to support good causes and local projects as part of the IMLT Community Fund.
Applications are now open and groups can apply for grants up to £5000.
More information about our grants scheme can be found here.
To report a loan shark call the 24/7 confidential hotline 0300 555 2222, text a report to 078600 2211 or complete our secure form here.