A 46 year-old woman was arrested this morning (23 January 2018) on suspicion of illegal money lending and money laundering, following an operation in Edgbaston.
The Illegal Money Lending Team (IMLT) working in partnership with Birmingham City Council Trading Standards and West Midlands Police executed a warrant at a residential address, seizing documentation and electronic devices.
The suspect is currently in custody and is being questioned by officers from the IMLT.
Tony Quigley, Head of the Illegal Money Lending Team, said:
“Loan sharks prey on the most vulnerable of our communities and extort them out of hard earned cash. We will continue to work with the local authority and police to stamp out this awful crime.
“If you have any information about illegal money lending in your area or you would like to report a loan shark because you have fallen victim, please contact us on 0300 555 2222 or visit www.stoploansharks.uk. We will take information anonymously and in confidence.”
Councillor Barbara Dring, Chairman of the Licensing and Public Protection Committee at Birmingham City Council, which oversees the England Illegal Money Lending Team, said:
“Loan sharks are a blight on our communities, charging extortionate interest rates and often resorting to threats and violence to enforce their illegal loans.
“The Council welcome this result which sends a clear message that we will not tolerate loan sharks here in Birmingham. Instead of resorting to loan sharks, we recommend residents look to more ethical, low interest ways of borrowing and lending, such as Advance or Citysave Credit Union.”
For more information on how to become a member of Citysave Credit Union, call 0121 616 6200 or visit https://www.citysave.org.uk/
Nationally, Illegal Money Lending Teams have secured more than 380 prosecutions for illegal money lending and related activity, leading to nearly 328 years’ worth of custodial sentences. They have written off £72.5 million worth of illegal debt and helped over 27,500 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
Private message us on www.facebook.com/stoploansharksproject