Officers from England’s Illegal Money Lending Team (IMLT) worked with Lancashire Police to execute a warrant at an address in Colne on Tuesday June 28.
Documents and electronic devices were seized during a search of the property last week.
IMLT works in partnership with Lancashire County Council Trading Standards to investigate and prosecute illegal moneylenders.
The suspect was taken into custody for questioning. He has since been released under investigation pending further investigation.
Tony Quigley, England’s Illegal Money Lending Team Leader, said: ‘We are committed to working with our partners to crack down on illegal moneylenders and their exploitative practices.
“The loan sharks cause real pain and suffering to our communities. They offer what appear to be quick-fix loans, but trap borrowers in a spiral of debt with exorbitant fees and threats of violence.
“If you believe you have been targeted by a loan shark or are worried about a loved one, our 24-hour helpline is open on 0300 555 2222 and offers confidential assistance.”
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County County Cabinet Member Michael Green, Lancashire County Council for Health and Welfare, said: “Illegal money lending is an often hidden problem which has a terrible impact on our communities, leaving people vulnerable in financial difficulty.
“This is a crime and not something we will tolerate in Lancashire. We will continue to work closely with the Illegal Money Lending Team and the Police to track down illegal money lenders and take action against them.”
A recent report by the Center for Social Justice, 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.
Warning signs that you might be dealing with a loan shark include missing documents when making a loan, refusing to give detailed loan information, intimidation and threats, taking items such as a bank card or passport until the debt is repaid. paid, and to take things from you if you don’t pay on time.
Anyone concerned about illegal money lending can also access support at www.stoploansharks.co.uk. Live chat is available between 9 a.m. and 5 p.m., Monday through Friday.