Herts Police Awarded £40,000
Almost £80,000, believed to be the profits from an unlicensed and illegal money lending business has been seized and half of that has been given to Hertfordshire Police under the Proceeds of Crime Act (2002).
The total amount that was seized, £79,031.60, was announced at Watford Magistrates Court on Thursday August 5th.
The court heard how the cash was seized by officers following a warrant at an address in Shenley, Hertsmere, on Friday March 13 2009.
Officers were investigating an allegation that an illegal money lending business was being operated from the property which was charging people high interest rates and threatened people who did not complete their payments.
Two men were arrested in connection with the claims.
Following the investigation, 43-year-old John Kenny, of Kendals Close, Radlett, was later charged and pleaded guilty to harassment at St Albans Crown Court. He was given a 16 week prison sentence, suspended for 24 months.
A 49-year-old man from Borehamwood, who was arrested on suspicion of blackmail and money laundering, was later released without charge. However, he has since been cautioned by Trading Standards for engaging in activities of a consumer credit business without a licence.
The money has been forfeited by the Constabulary as those arrested were unable to prove the money was from a legitimate source, with the legislation placing the onus on them to do so.
The money will now been given back to police to help fight crime.