A 24-year-old loan shark who preyed on vulnerable customers has been ordered to pay £14,500 by a court.
Hakeem Suleman, of Eastbourne Road, Middlesbrough, admitted illegal money lending and money laundering between October 2019 and May 2023, when he was arrested following an investigation by the England Illegal Money Lending Team (IMLT).
He appeared before Teesside Crown Court back in February, where he was given 12 months in prison for illegal lending and two years for money laundering. Those sentences were to run concurrently, and the total two-year sentence was suspended for two years.
As he passed sentence, Recorder Nicholas Lumley KC told Suleman he “preyed on the vulnerable and the desperate” and spread misery by “taking money from people who could not afford it”.
The case was prosecuted by the IMLT in partnership with Middlesbrough Trading Standards and Cleveland Police.
Suleman was brought back before the court on September 30, for a hearing under the Proceeds of Crime Act.
The court heard he had available assets of £14,500 and he was ordered to pay this amount to the court. He has three months to make the payment or may face further action.
At the original hearing, the court heard Suleman was arrested in May 2023, after a warrant was executed at his home by officers from the IMLT and Cleveland Police. A phone belonging to him was seized and a raft of messages and notes relating to loans and payments were discovered. some of the messages included threats and evidence of penalty payments being applied when borrowers struggled to repay.
IMLT investigators found Suleman had given at least 178 loans to approximately 62 individuals. He usually charged a 100 per cent flat rate of interest, although it did vary slightly from 0 per cent in one instance to 600 per cent in another. Just over £40,000 was loaned out and the total repaid as £70,199 with penalties of £10,297 applied.
As well as the suspended jail term, Suleman was handed a two-year community order with a requirement to complete 200 hours of unpaid work.
Dave Benbow, head of the IMLT, welcomed the confiscation order and said: “This was a shocking case of a predatory lender who targeted the financially vulnerable and made a huge profit.
“As well as investigating and prosecuting illegal lenders, we will always look to pursue confiscation orders to ensure these illegal lenders do not continue to benefit from their criminal behaviour.”
Legal lenders have to be authorised by the Financial Conduct Authority, which ensures transparency and offers protection to borrowers. Suleman never had that permission.
The IMLT is a national organisation, hosted by Birmingham City Council. It investigates and prosecutes loan sharks and supports borrowers.
Anyone who has been affected by illegal money lending should call the team’s 24/7 confidential 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.
