A 45-year-old man was arrested on suspicion of illegal money lending following an operation in Essex early today.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Essex Police to execute a warrant at an address in the Grays area.
Officers seized documents, cash and electronic devices. The suspect was taken into custody to be questioned by IMLT investigators.
The IMLT works in partnership with Thurrock Council Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “Illegal money lending will not be tolerated in England, and we will continue to work with our partners to take action against those who blight our communities in this way.
“If you have been offered a loan, been threatened when you couldn’t pay, had your bank card taken from you as security or if what you owe keeps growing even though you are making payments, then you may well have been targeted by an illegal lender.
“If you, or anyone you know, has experienced any of these things then contact our team in complete confidence.”
There are up to 1.08 million people in debt to loan sharks in England, according to figures from the Centre for Social Justice (CSJ).
The IMLT is a national team that was set up over 20 years ago to investigate and prosecute loan sharks and support borrowers.
Many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, often adding high charges. They can resort to threats, intimidation and even violence if repayments are not made. Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
