A 46-year-old man was arrested in South London early today on suspicion of illegal money lending following an operation by the England Illegal Money Lending Team.
The IMLT worked in partnership with officers from the Metropolitan Police to execute a warrant at an address in the Sutton area on Tuesday, June 3.
Officers seized a mobile phone and documentation and the suspect was taken into custody to be questioned by IMLT investigators.
The IMLT works in partnership with London Borough of Sutton Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “Illegal lending is a scourge on society, and we work hard with our partners to investigate reports and remove offenders from communities across England.
“If you have been offered a cash loan, been 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 targeted by an illegal lender.
“If you, or anyone you know, has experienced any of these things or has any knowledge of illegal lending activity, then we would urge you to contact our team in confidence.”
There are up to 1.08 million people in debt to loan sharks in England, according to figures from the Centre for Social Justice (CSJ).
Many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, adding high charges. They often resort to threats, intimidation and even violence if repayments are not made.
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
