A 56-YEAR-OLD man has been arrested on suspicion of illegal money lending and money laundering following an operation in Wilmslow.

The England Illegal Money Lending Team (IMLT), working in partnership with Cheshire East Council’s trading standards department and Cheshire Police, executed a warrant at a home address in Wilmslow on Wednesday, May 24, seizing documentation and electronic devices. 

The man was questioned by IMLT officers and has since been released under investigation while enquiries continue.

Cllr Paul Bates, CEC cabinet member for finance and communities, said: “Illegal money lending is a serious offence and can cause real misery for people and their families already facing financial pressures.

“While there is no suggestion it was the case here, illegal money lending is often followed up by violence and intimidation when borrowers struggle to meet the very high interest rates these loan sharks demand.

“We at CEC are committed to working alongside the England IMLT, applying enforcement action wherever we can to identify and arrest offenders and bring them to justice.”

Nationally, illegal money lending teams have secured more than 378 prosecutions for illegal money lending and related activity, leading to nearly 325 years’ worth of custodial sentences.

They have written off £71.9 million of illegal debt and helped more than 26,500 people.

Tony Quigley, head of service for the national IMLT, said: “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 IMLT officer and all information will be treated in the strictest confidence. If you don’t like speaking on the phone, you can now report a loan shark online stoploansharks.uk”

To report a loan shark call the 24-hour hotline on 0300 555 2222, text 07860 022116, email reportaloanshark@stoploansharks.gov.uk, send a message on facebook.com/stoploansharksproject, or visit stoploansharks.co.uk