Suspected loan shark arrested in Telford

A 48-year-old man has been arrested on suspicion of illegal money lending and money laundering, following an operation in Telford

The England Illegal Money Lending Team (IMLT) working in partnership with Telford and Wrekin trading standards and West Mercia Police, executed a warrant at a residential address in Woodside this morning (Wednesday 24 June).

Officers seized digital storage devices during a search of the property.

The suspect remains in police custody where he is being questioned.

Tony Quigley, Head of the Illegal Money Lending Team, said: “It’s disgraceful that opportunistic loan sharks are taking advantage of people’s financial worries and concerns during the coronavirus pandemic.

“Despite the current lockdown, we will continue working with partners and communities, safeguarding the vulnerable and tackling illegal money lending.

“Our advice to residents in need of financial support would be to turn to their local credit union rather than a loan shark, who could take advantage and charge exorbitant interest rates.”

Community groups across Shropshire can now apply for funding for projects that contribute to raising awareness of the dangers of loan sharks.

Get more information and details on how to apply here.

To report a loan shark, call the 24/7 confidential helpline on 0300 555 2222, email us or use our online reporting form.