A 56 year-old man was arrested this morning (Tuesday, 5th September) on suspicion of illegal money lending and money laundering, following an operation in Dudley.
The England Illegal Money Lending Team (IMLT) working in partnership with Dudley Metropolitan Borough Council’s Trading Standards Department and West Midlands Police executed a warrant at a residential address, seizing documentation and electronic devices.
The suspect is currently in custody and is being questioned by officers from the IMLT.
Tony Quigley, Head of the England Illegal Money Lending Team, said:
“We will continue to work with local authorities and the police to combat loan sharks. These criminals cause untold misery amongst our local communities.
“If you’ve been issued a loan with no paperwork or are receiving threats over a loan you have already paid off, please get in touch with IMLT on 0300 555 2222. Your call will be handled by a trained IMLT officer and all information will be treated in the strictest confidence.”
Councillor Peter Miller, Cabinet Member for Health and Wellbeing, said:
“There are safer and more financially sound alternatives to loan sharks, which help people when they have financial issues rather than making things worse. Castle and Crystal Credit Union – an ethical, not for profit alternative to using a loan shark – have been helping people with their finances for more than 20 years. They have recently launched a new incentive in a number of areas to award savers £25 once they have saved for the required period. This incentive has been very well received by residents in Dudley. For more information, visit www.castleandcrystal.co.uk.”
Nationally, Illegal Money Lending Teams have secured more than 380 prosecutions for illegal money lending and related activity, leading to nearly 328 years’ worth of custodial sentences. They have written off £72.5 million worth of illegal debt and helped over 27,000 people.
To report a loan shark:
Call the 24/7 confidential hotline 0300 555 2222
Text a report to 078600 22116
Visit the website www.stoploansharks.co.uk
Private message us on www.facebook.com/stoploansharksproject