A 48 year-old man was arrested this morning (15 May 2018) on suspicion of illegal money lending and money laundering, following an operation in Brent.
The Illegal Money Lending Team (IMLT) working in partnership with London Borough of Brent and Harrow Trading Standards and the Metropolitan Police Service executed a warrant at a residential address in Dollis Hill, seizing documentation, electronic devices and a quantity of cash.
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 some of the most vulnerable members in our society and so it’s vitally important we work with key organisations to combat illegal money lending and protect residents.
“Today’s operation sends out a clear message to all those involved in this type of criminal activity that we will not tolerate loan sharks in London boroughs. We urge residents who have fallen victim to this crime to contact us in confidence on 0300 555 2222 and help us bring these unscrupulous lenders to justice.”
Cllr Muhammed Butt, Leader of Brent Council, added:
“In these hard financial times, loan sharks circle around the most vulnerable members of our community who often feel that they have no other options.
“We will not tolerate this kind of behaviour, and will continue to work with the National Illegal Money Lending Team and other agencies to crack down on this crime, making it impossible for loan sharks to prosper and take advantage of our residents.
“We have been working closely with the community to build financial resilience for residents and to expand the number of affordable and sustainable credit choices.”
Nationally, Illegal Money Lending Teams have secured more than 382 prosecutions for illegal money lending and related activity, leading to nearly 329 years’ worth of custodial sentences. They have written off £73.7 million worth of illegal debt and helped over 28,000 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