Police raid house on trail of loan shark
ACTION ON ILLEGAL MONEY-LENDERS WHO ARE PREYING ON VULNERABLE DURING PANDEMIC
POLICE searching for a suspected loan shark operating in Nottingham battered down a front door in Top Valley.
Officers descended on the small cul-de-sac at 7.45am yesterday after intelligence suggested a man had been running an illegal loan shark operation.
The force wants to send a strong warning to those who run illegal money-lending services during the pandemic.
The operation was launched by the England Illegal Money Lending Team, set up to investigate loan sharks and supported by officers from Nottinghamshire Police.
After knocking on a door to make themselves known, officers were convinced the suspect was inside the house as the front window was open.
Using a ladder, one officer crawled into the small bathroom window. But noone was inside.
Police then used an electric saw to cut the front door in half before it was rammed down.
Officers searched the property for paperwork, bank cards, passports or other information linked to suspected victims.
A storage device and paperwork were seized and officers are in the process of breaking into a safe. Now a hunt is under way to find the man so he can be questioned.
Neighbours came out on the street to watch as a swarm of officers surrounded the property.
Tony Quigley, head of service for the England Illegal Money Lending Team, who was in charge of the operation, described the extent of the problem in places like Nottingham.
He said those who are going to lend money and charge interest have to be regulated by the Financial Conduct Authority.
He told the Post: “It is a way of making easy money but it is on the backs of the most vulnerable.
“It is one of the oldest professions and the way they do it changes with the times.
“We had a loan shark that used a Snapchat influencer and paid him to say he was giving loans out.
He said loan sharks can also be associated with other crimes including blackmail, wounding, assaults and even rape as one female was asked for sexual favours in order to pay off loans.” He said many operated through word of mouth, but they were using social media to promote their services, targeting the student community in places like Nottingham.
“They come across as their best buddy but we have seen a rise in the amount that is being borrowed.
“It was about £350 about eight years ago but more recently it is well over £1,000 to £2,000. The interest on that can be 50 to 100 percent.
“We had one guy that was loaned £250 and paid back £90,000 over 18 years. At 32, he had a heart attack because he was under that much pressure.”
He said a loan shark can be a man, woman, or even an organised crime group. Some will make it their full-time profession.
“The common DNA is they are ripping people off.”
Mr Quigley said the pressure placed on debtors by loan sharks was often “more psychological rather than physical”.
This can include threats being made over social media or telling the wider community they won’t pay.
“Your Achilles heel is used against you,” he added. “One lady broke her husband’s glasses and was lent money to replace them and the threat was ‘I will tell your husband.’ It is mindblowing. This is about controlling people’s lives. Once you have control of their money you have control of them.
“We had one where they had to re-mortgage their home.”
But the team are working hard at stamping out loan sharks in the Nottinghamshire area and they have made around 100 arrests across the country.
His team is now encouraging people to come forward as they have the power to stop offenders in their tracks and put them behind bars.
“Being in debt is one of the biggest stresses after moving house and divorce. Being in debt to a loan shark is increased because it is so frightening and that is why people are reluctant to come forward because of the fear of reprisals. Come forward and we will support you.”
Talking about the raid in Top Valley, neighbourhood policing inspector Christine Busuttil said: “Working in partnership with the IMLT and trading standards, we were able to assist with this warrant to stop a suspected loan shark in his tracks.
“We act on information and intelligence from, and about, our local community and encourage people to share their thoughts and concerns with us.
“This is a fantastic piece of partnership work where agencies have come together, shared information, and subsequently been able to carry out this warrant together.
“Illegal money lending has a huge impact on those borrowing from so-called ‘loan sharks.’ They’re often vulnerable, left with huge repayments and left fearful in the process.”
Anyone who is a victim of a loan shark is urged to call the 24-hour line on 0300 555 2222.
We had one guy that was loaned £250 and paid back £90,000 over 18 years
Tony Quigley