Suspected loan shark arrested in Coventry

A 36-year-old man was arrested on suspicion of illegal money lending and money laundering offences following an operation in Coventry.

The England Illegal Money Lending Team (IMLT) worked in partnership with officers from West Midlands Police to execute a warrant at three addresses and one vehicle in the Coventry and Nuneaton area on Wednesday, May 10.

Officers seized an electronic device during a search of one of the properties.

The suspect was taken into custody and questioned by investigators. He was later released on bail with conditions not to approach any potential victim.

The IMLT works in partnership with Coventry Trading Standards Service to investigate and prosecute illegal money lenders.

Tony Quigley, Head of the Illegal Money Lending Team said: “Illegal money lending will not be tolerated in England, and we will continue to work with our partners to take action against those who blight our communities in this way.

“If you have been offered a cash loan, threatened when you couldn’t pay, had your bank card taken from you as security or if what you owe keeps growing even though you are making payments, then you may well have been bitten by a loan shark.

“If you, or anyone you know, has experienced any of these things or has any knowledge of loan shark activities then contact our team in complete confidence. We will help you escape the clutches of these ruthless criminals.”