Suspected Dudley loan shark arrested in illegal lending crackdown
A suspected loan shark was arrested in Dudley as part of a crackdown on illegal money lending.
The England Illegal Money Lending Team carried out a raid yesterday morning and arrested a 61-year-old man in Upper Gornal on suspicion of illegal money lending.
Members of the IMLT worked alongside police officers and Dudley Council’s Trading Standards team on the intelligence-led operation.
A number of items were taken away by officials - including documents, electronic devices and cash - but a chief from the IMLT said the investigation was still in its early stages.
Tony Quigley, head of the England IMLT, said: “People who are potentially lending money in the community without that authority are actually committing criminal offences.
“It is really important that members of the public pick up the phone and speak to us, that they ring the hotline number, speak to one of our officers and tell us about what is going on.
“Legitimate money lenders have to ensure that people can afford the sort of loans that they are taking out.
“There is nothing worse than taking a loan out and realising you have got no chance of paying it, because that is like jumping out of the frying pan and into the fire. Illegal money lenders don’t care about that, what they care about is the profits.
“This whole operation today is the start of our investigation, this is about fact finding and about understanding if illegal activity has been taking place.”
The 61-year-old man who was arrested in Upper Gornal has been bailed as the investigation continues.
Dudley Council bosses said the work of the IMLT to stamp out loan sharks in the borough was fully supported by the local authority.
Leader of Dudley Council Patrick Harley said: “Dudley Trading Standards fully supports the work of the IMLT to stamp out loan sharks in Dudley."
To report a loan shark call the 24/7 confidential hotline 0300 555 2222, text a report to 078600 22116, visit www.stoploansharks.co.uk or e-mail reportaloanshark@stoploansharks.gov.uk. You can also private message the team at www.facebook.com/stoploansharksproject.
