Suspected loan shark arrested in Coventry

A man has been arrested on suspicion of illegal money lending and money laundering following an operation in Coventry.

Documentation, electronic devices and a large quantity of cash were seized when a warrant was executed at a residential address in Wood End yesterday. (December 4)

The 51 year-old man was arrested as part of the operation by the England Illegal Money Lending Team (IMLT) in partnership with Coventry City Council Trading Standards and West Midlands Police.

The suspect has been released under investigation pending further enquiries.

Tony Quigley, Head of the Illegal Money Lending Team, said:

“Loan sharks can have a devastating impact on people’s lives and that of their families.  This type of criminality will not be tolerated in Coventry and we will continue to work with our partners to bring criminals to justice.

“If you have been the victim of a loan shark, or have information about illegal money lending in your area, contact the team for help on 0300 555 2222 or www.stoploansharks.co.uk.”

Councillor Abdul Salam Khan, Deputy Leader and Cabinet Member for Policing and Equalities, said:

“Illegal money lending leads to misery for many people and I am pleased that, together with our partners, and with help from the general public we are working to bring these criminals to justice.

“At the same time I’d like to remind people that there are agencies across the city who work hard to provide support on personal budgeting, and I’d encourage people to get in touch to find out what help is available.”

Advice on Housing Benefit, Council Tax Support, free school meals and other local welfare support is available at www.coventry.gov.uk/benefits

Other useful contacts include:

Coventry Citizens Advice 

Coventry Independent Advice Service 

Advice Buddy 

Nationally, Illegal Money Lending Teams have secured more than 385 prosecutions for illegal money lending and related activity, leading to over 330 years’ worth of custodial sentences. They have written off £74 million worth of illegal debt and helped over 28,000 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

E-mail reportaloanshark@stoploansharks.gov.uk 

Private message us on www.facebook.com/stoploansharksproject