Interest charge

Man arrested for loan sharking after police operation

The man was arrested following a police operation

Officers from England’s Illegal Money Lending Team worked with West Midlands Police to execute a warrant at an address in West Bromwich on Tuesday May 24.

Electronic devices were recovered during a search of the property.

The Illegal Money Lenders Team (IMLT) has worked in partnership with Sandwell Council Trading Standards Officers to investigate and prosecute illegal money lenders.

The 41-year-old was taken into custody for questioning and has since been released under investigation pending further investigation.

Councilor Danny Millard, Sandwell Cabinet Member for Communities, said: “We fully support the work of the Illegal Money Lending Team.

Loan sharks are unregulated, often give out loans without any paperwork and charge exorbitant interest rates.

“In many cases, victims are introduced to the lender either through a friend, family member or because they are known in the community.

“With many individuals and families struggling to make ends meet as the cost of living rises, residents may be tempted to turn to loan sharks for a quick fix to bolster their finances.”

Sandwell residents can find links to useful information, advice and support from the council and other organizations by going to sandwell.gov.uk/costoflivinghelp