A LOAN SHARK from Wembley has been ordered to pay back thousands in proceeds of crime money.
Following a hearing at Harrow Crown Court on Friday, 15th September, Velar Sithamparapillai, 64, of Tudor Court North in Tokyngton was ordered to pay back over £28,000 in proceeds of crime money.
The defendant received a nine month suspended prison sentence after pleading guilty to illegal money lending and money laundering between January 2010 and July 2014 at an earlier hearing in May.
Mr Sithamparapillai was investigated by the England Illegal Money Lending Team (IMLT) who work in partnership with Brent Council’s Trading Standards Service and The Metropolitan Police Service.
When a warrant was executed at the loan shark’s home on 16th July 2016, IMLT officers recovered loan agreements, a large quantity of gold jewellery and documentation indicating that the defendant was conducting an unlicensed money lending business.
Tony Quigley, Head of Service for the National Illegal Money Lending Team said:
“Another loan shark has been ordered to pay back for the crime that they once committed.
“We are continuing to crack down on illegal money lending and bringing those who break the law to justice. It’s important to remember that loan sharks are only motivated by greed and should never be used.
“If you or someone you know has been the victim of a loan shark, we urge you to get in touch with the IMLT on 0300 555 2222. Your call will be handled confidentially by one of our trained officers.”
Cllr Tom Miller, Brent Council Cabinet Member for Stronger Communities, added:
“Loan sharks are criminals who prey on vulnerable people and they are blight on our communities. They fleece their victims and have been known to use intimidation and violence to get their money.
“Here in Brent we want to let residents know that we will not allow this bullying and criminal behaviour and we will work with our partners to target those who think they are above the law and can get away with it.”
Nationally, Illegal Money Lending Teams have secured more than 380 prosecutions for illegal money lending and related activity, leading to nearly 328 years’ worth of custodial sentences. They have written off £72.5 million worth of illegal debt and helped over 27,000 people.
To report a loan shark:
Call the 24/7 confidential hotline 0300 555 2222
Text a report to 078600 22116
Visit the website www.stoploansharks.co.uk
Private message us on www.facebook.com/stoploansharksproject