Suspected loan shark arrested in Manchester

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:

  • They refuse to provide you with proper paperwork about your loan – you’re never sure what you owe, or the interest being charged.
  • They refuse to give you information, such as the time left on the loan, or what you’ve repaid so far.
  • They keep adding unfair amounts of interest to the amount you owe so it never goes down.
  • If you miss payments, they’ll use scare tactics such as intimidation and threats to pressure you into paying them.
  • They may take your things if you don’t pay what they want on time.
  • They may withhold your possessions such as your bank card or passport until the debt is repaid.
  • They may pretend to be your friend at first but threaten to tell others about the debt if you fail to pay back money on time. 

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.