A SOLIHULL man has been arrested on suspicion of illegal money lending and money laundering.
The 56 year-old man was taken into custody on Tuesday (November 28), following an operation in Chelmsley Wood, Solihull.
The England Illegal Money Lending Team (IMLT), working in partnership with Solihull Metropolitan Borough Council Trading Standards and West Midlands Police, executed a warrant at a residential address.
They seized documentation, electronic devices and a quantity of cash.
The suspect is in custody and is being questioned by officers from the IMLT.
Tony Quigley, head of the England Illegal Money Lending Team, said of its work generally: “We will continue to work with local authorities and the police to combat loan sharks. These criminals cause untold misery amongst our local communities.
“If you’ve been issued a loan with no paperwork or are receiving threats over a loan you have already paid off, please get in touch with the IMLT on 0300 555 2222. “Your call will be handled by a trained officer and all information will be treated in the strictest confidence.”
Councillor Tony Dicicco, cabinet member for stronger communities & partnerships at Solihull Metropolitan Borough Council, said: “Borrowing money from individuals or organisations who are operating illegally can have a huge impact on people’s lives.
“We hope that this recent operation highlights the important partnership work taking place to combat loan sharks from operating within the area.”
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, says the IMLT, based at Birmingham City Council.
Teams nationally have written off £72.5 million worth of illegal debt and helped over 27,000 people.