A 41 year old man was arrested on suspicion of illegal money lending and money laundering, following an operation in Manchester.
The England Illegal Money Lending Team (IMLT) worked in partnership with Manchester City Council Trading Standards and Greater Manchester Police to execute a warrant at an address in Moss Side on Wednesday, August 18.
Officers seized electronic devices during a search of the property. The suspect was taken in for questioning and has since been released under investigation pending further enquiries.
Head of IMLT Tony Quigley said: “Loan sharks prey on vulnerable people by charging extortionate interest rates then often harassing and intimidating borrowers for repayments.
“There are other legitimate options available to people who are experiencing financial problems and help is available from Manchester Credit Union to obtain affordable credit without turning to loan sharks.
“I am urging anyone who has been a victim of this crime, or thinks they have been targeted by loan sharks, to get in contact with us. We can help you access specialist services and provide emotional and practical support.”
Common warning signs you may be dealing with a loan shark:
If you have been affected by illegal money lending and need support, call the 24/7 confidential helpline on 0300 555 2222 or start a live chat at www.stoploansharks.co.uk.