Suspected Loansharks Arrested In Essex Raids
18 September 2014, 08:16 | Updated: 18 September 2014, 08:17
Four suspected loansharks have been arrested after police raids in Essex and London.
The England Illegal Money Lending Team working in partnership with Enfield Trading Standards, Essex Trading Standards, Essex Police and the Metropolitan Police also seized documents, a large amount of cash and a substance believed to be drugs during the operation on Tuesday.
Lord Toby Harris, Chair of National Trading Standards, said: "I am very pleased to hear that this morning's operations in Enfield and Essex have led to the arrests of suspected illegal money lenders. It is a priority for National Trading Standards to ensure that people to do not find themselves preyed on by illegal loan sharks.
"That's why we fund projects like the Illegal Money Lending Team which work hard to protect people from loan sharks."
Consumer Minister Jo Swinson said: "The successful arrest of these illegal lenders takes three more people off the street who prey upon those in the most vulnerable financial situations and trap them in a vicious circle of debt and worry.
"An important solution to cracking down on illegal money lenders is through education and warning people of the risks. Support is available across the country from Illegal Money Lending team on 0300 555 2222, and anyone seeking more advice can contact The Money Advice Service on 0300 500 5000 or Citizens Advice on 03454 04 05 05."
Councillor Roger Walters, Essex County Council's Lead Councillor for Trading Standards, said: "I fully support the work that the England Illegal Money Lending Team is undertaking to stop the activities of loan sharks in Essex.
"Loan sharks can be seen by some residents as a last resort to resolve financial difficulties but taking out a loan in this way can lead to serious stress and financial implications that can continue for months or years. We would urge any Essex resident who is involved with a loan shark to call the 24/7 confidential hotline to obtain advice and support."
The men, who are aged 39, 37, 29 and 43 have all been released on bail.