Suspected Telford loan shark arrested
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.
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.”
To report a loan shark, call the 24/7 confidential helpline on 0300 555 2222, email reportaloanshark@stoploansharks.gov.uk or complete an online form at www.stoploansharks.co.uk.
