A man has been arrested on suspicion of illegal money lending and money laundering offenses in connection with a multi-agency operation in Bury St Edmunds. Suffolk Police officers executed warrants at two addresses in the town on Tuesday April 12, seizing documents and electronic devices during their searches.
The operation was a collaboration between England’s Illegal Money Lending Team (IMLT), Suffolk County Council Trading Standards and Suffolk Police Force. A 38-year-old man, suspected of several crimes, was arrested and taken into custody. He was questioned and released under investigation, pending further investigation.
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Tony Quigley, Illegal Money Lending Team Leader, said: “We are determined to warn residents of the dangers of loan sharks, and will work with partners to take action against them. Loan sharks are criminals who prey on the most vulnerable people. in our communities. They trap their victims in a spiral of debt and often resort to intimidation and violence
“We will not tolerate such activity in Suffolk and urge anyone with information about loan sharks to report it as soon as possible.” A recent report by the Center for Social Justice (CSJ), Swimming with Sharks, estimates that 1.08 million people may currently owe money to loan sharks, with some lenders demanding sexual favors as repayment from borrowers.