A West London man who worked as a qualified anti-money laundering specialist but ran a loan shark operation on the side has had almost £170,000 of his ill-gotten gains confiscated by a court.
Dharmendra Devji Solanki, aged 59, admitted charges of illegal lending and money laundering and was handed a two-year prison sentence, suspended for two years, by a judge at Inner London Crown Court in June last year.
He was back before the court on March 11 this year, where he was ordered to pay £169,941.89 after a Proceeds of Crime Act hearing. He was told by the court he must pay the full amount within three months, or he face a further three-year jail term. An order was also made for more than £13,000 in costs.
The case was prosecuted by the England Illegal Money Lending Team (IMLT) in partnership with Ealing Council Trading Standards and the Metropolitan Police.
Speaking after the hearing, Dave Benbow, head of the IMLT, said: “This lender knew exactly what he was doing. He acted illegally, continued to lend money, and exploited people who trusted him. We welcome the court’s decision, which ensures he cannot continue to profit from his criminal behaviour.
“Whenever we prosecute illegal lenders, we pursue Proceeds of Crime action to strip them of the money they’ve made. This order sends a clear message: We will not tolerate illegal lending, and crime like this simply does not pay.”
At the sentencing hearing, the court was told Solanki knew more than most about financial regulations and took advantage of his borrowers. The interest charged was unpredictable and borrowers were pressured and intimidated.
The defendant was arrested at his home in Bradley Gardens, West Ealing, in May 2022 following an operation by the IMLT. An Apple MacBook was seized at the time, which contained a CV in his name, showing he was ‘Financial Crime CAMS Qualified’. CAMS stands for Certified Anti-Money Laundering Specialist.
The IMLT investigation found Solanki was operating an unauthorised credit business between November 2018 and his arrest in 2022, despite never having the required authorisation from the Financial Conduct Authority (FCA) to lend money.
The court heard one borrower said she needed to send money to family members in the Philippines. She borrowed £1,000 and repaid in three instalments of £450, a total of £1,350. She was required to hand over her passport.
Another borrowed money but struggled to repay and then Solanki’s messages became threatening. One stated: “I am now ready to collect the outstanding balance on your loan. You need to advise urgently your position before I get others involved who will then take up this matter and write you personally.”
Another message stated: “You better get this to me today otherwise you have no idea how much this will impact you personally and your career.”
The IMLT found Solanki had made loans in excess of £400,000 and charged interest rates between 10 and 20 per cent. The estimated return on the loans was at least £440,000 to £480,000.
He was sentenced to eight months’ jail for illegal money lending and 16 months for money laundering, to run consecutively. The total two-year sentence was suspended for two years. He was also ordered to complete five days of rehabilitation activity, as directed by the Probation Service, and 120 hours of unpaid work.
The IMLT is a national organisation, hosted by Birmingham City Council, that investigates and prosecutes loan sharks and supports borrowers. It is known in communities as Stop Loan Sharks.
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. WhatsApp messages can be sent to 07700 102773.
