Man, 74, arrested on suspicion of illegal money lending and money laundering in Stafford

The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Staffordshire Police to execute a warrant at a residential address in Holmcroft on Tuesday, November 8.

Officers seized large amounts of cash, documentation and electronic devices during a search of the property.

A 74-year-old man was taken into custody for questioning. He has since been released under investigation, pending further enquiries.

Tony Quigley, head of the illegal money lending team said: “We are committed to working with our partners to clamp down on illegal lenders and their exploitative practices.

“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 through extortionate fees and threats of violence."

Victoria Wilson, cabinet member responsible for trading standards at Staffordshire County Council added: "Loan-sharking is a terrible crime that affects many of our communities and we work closely with the Illegal Money Lending Team and the Police to tackle it.

"With many families facing extra financial pressures and the rising cost of living, it’s even more important that we stamp out the practice and make sure we protect communities.”

Anyone with concerns about illegal money lending can contact the Stop Loan Sharks 24/7 Helpline in confidence on 0300 555 2222 or access support online at stoploansharks.co.uk