A 23-year-old loan shark who preyed on vulnerable customers, charging ‘crippling interest’ and threatening them when they couldn’t pay has today been given a suspended jail sentence.
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 today (February 13, 2025) where he was given 12 months in prison for illegal lending and two years for money laundering. Those sentences are to run concurrently, and the total two-year sentence was suspended for two years.
Passing 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.
Mr Simon Mortimer, prosecuting on behalf of the IMLT, said 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.
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.
A POCA procedure is to follow which will look at possible confiscation.
Mr Mortimer said some of the messages included threats and evidence of penalty payments being applied when borrowers struggled to repay.
One message from a customer to Suleman stated: “I would of paid it all by now if you didn’t add £200 on each time.”
Mr Mortimer read examples of text messages to the court. One showed a loan for £150 being arranged in less than 15 minutes for someone who was not known to Suleman but had been given his number.
Another saw him adding a £100 penalty charge for a borrower who was struggling to pay. To another he sent: “I want 200 today or I’ll come see u.”
One message to a female borrower stated: “On anyone’s life if u don’t pick up the phone or send that first thing tomoz I’ll send a lass to drag u out from work.”
Suleman received a message asking: “How much for £50?” and sent a message back saying “120” – arranging a loan with £70 profit in less than seven minutes.
Other messages sent by Suleman included:
“So u deserve what’s coming son”
“Listen ur brother will get dealt with n ur dad”
“That address is getting seeing to”
“500 today or it going up”
One borrower messaged to say she only had £350, but Suleman asked for her wages. His next message stated: “The longer it takes more I want back I’m loosing out on money”. He then stated that she owed £550 as opposed to £350 and that “in 3-5 days it will be £600″.
In defence, the court heard Suleman had started off as a ‘naïve’ 18-year-old who was in a well-paid job and was able to lend to friends. He started off well-meaning and had not realised the seriousness of the offence.
However, Recorder Lumley said Suleman became greedy and began charging ‘crippling interest’ while he was ‘in the grip of an addiction to gambling’.
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.
Speaking after the hearing, Dave Benbow, head of the IMLT, said: “This was a shocking case where a predatory lender was targeting the financially vulnerable and making a huge profit at their expense.
“He used threats and intimidation to make them pay, forcing them to prioritise his payments over other essential bills and costs.
“As he wasn’t registered, they had no control over this and no protection. This was pure exploitation, and we are pleased to see this sentence today. We hope this sends the message that we will not tolerate illegal money lending in our communities.”
Councillor Janet Thompson, Middlesbrough Council’s Executive member for Neighbourhoods, said: “This shocking case demonstrates the importance of partnership working between Trading Standards and IMLT to protect vulnerable consumers from illegal and extortionate trading and intimidation leading to financial hardship.
“I would urge any consumers suffering financial woes not to use loan sharks, but rather to report them so they can be brought to justice.
“Rather than fall victim to these vultures who prey on the vulnerable, the best approach is to make contact with the Council and Citizens Advice who can help with alternative sources of financial help and support.”
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.
