Illegal money lending does not pay and on May 3rd 2 men, aged23 and 73 years old, have been arrested on suspicion of illegal money lending and laundering following an operation in Torbay.
The Illegal Money Lending Team (IMLT) are working in partnership with Devon, Somerset and Torbay Trading Standards services blog with the Devon and Cornwall Police to execute warrants and bring those suspected of such offences to justice.
On the 3rd May 2 warrants were executed at 2 residential addresses one in Brixham and one in Torquay. Â At the point of execution offices seized documentation, electronic devices and a quantity of cash.
The 23 year old man was further arrested on the grounds of suspicion of assault, blackmail, driving whilst disqualified and possession of a firearm.
The suspects remain in police custody and are being questioned by offices from both IMLT and the Brixham and Paignton Police.
Tony Quigley, Head of the Illegal Money Lending Team said:
Loan sharks are a scourge on our communities; exploiting and extorting borrowers and often resorting to the worst kind of bully tactics to force people into paying back far and above what they have borrowed and can afford.
We are cracking down on these criminals in partnership with the police and trading standards, and would urge anyone who has been the victim of this crime to contact us in confidence on 0300 555 2222 so we can take action.
A spokesperson for Devon and Cornwall police added:
Earlier this morning, Brixham and Paignton Police executed two search warrants in support of the National Illegal Money Lending Team in Torquay and in Brixham.
As a result a 23-year-old man and a man in his 70s were arrested on suspicion of several offences and are in police custody.
This highlights the successful partnership working between police and The Illegal Money Lending Team.
Recently the Exeter Crown Court told another man convicted of illegal money lending that he would have to repay all the money he acquired through his illegal activities or do more time.
Nationally, the Illegal Money Lending Teams have secured over 382 prosecutions for illegal money lending and related activities.
They have also issued over 329 years worth of custodial sentences and victims have had over £73.7 million worth of illegal debt written off and helped over 28,000 people around the UK.
If you are concerned that someone has loaned money from a Loan Shark then you can report them anonymously through the following methods:
Call the 24/7 confidential hotline 0300 555 222
Text a report to 078600 22116
Visit the website at www.stoploansharks.co.uk
E-mail: [email protected]
Private message them via social media at www.fb.me/stoploansharksproject
