Man arrested on suspicion of operating as a loan shark during Sunderland raid

A 51-year-old man has been arrested on suspicion of illegal money lending and money laundering in Sunderland.
Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now

The man was arrested after England Illegal Money Lending Team (IMLT), working in partnership with Sunderland City Council Trading Standards and Northumbria Police, executed a warrant a home in Hendon this morning (July 21).

Officers seized a quantity of cash, documentation and electronic devices as part of the investigation.

Hide Ad
Hide Ad

The suspect remains in police custody where he is being questioned.

Suspected loan shark arrested in SunderlandSuspected loan shark arrested in Sunderland
Suspected loan shark arrested in Sunderland

Sunderland City Council estimates more than £12million leaks out of Sunderland’s economy annually in extra interest payments to high cost lenders, rent to own stores and payday lenders.

Leader of Sunderland City Council, Councillor Graeme Miller said: “Most people at some point in their lives need access to credit and many more may now be feeling the pinch financially because of COVID.

“This City Council wants to see affordable options because nobody should be having to resort to illegal lending and extortionate rates.

Hide Ad
Hide Ad

“Tackling financial exclusion and reducing poverty includes creating better credit and debit solutions. As with many other local authorities across our region, we are actively promoting the Moneywise credit union.

“Sunderland is a co-operative council and credit unions are co-operative solutions helping to create a financial community where members of the union mutually benefit because there's no profit for shareholders.

Read More
Air ambulance called after suspected stabbing in Houghton

“Credit unions are for everyone, not just the poor, and a good credit union with a mixed economy of customers can be very useful for those who cannot get access to ordinary bank products. People should not have to go to money lenders.”

Nationally, Illegal Money Lending Teams have secured more than 400 prosecutions for illegal money lending and related activity, leading to 586 years’ worth of custodial sentences. They have written off £83 million worth of illegal debt and helped over 30,000 people.

Hide Ad
Hide Ad

Tony Quigley, Head of the Illegal Money Lending Team, said “We will continue to work closely with our partners to protect communities and families from the devastation of loan sharks.”

To report a loan shark, call the 24/7 confidential helpline on 0300 555 2222, email [email protected] or complete an online form at www.stoploansharks.co.uk.

A message from the Editor:

With the coronavirus lockdown having a major impact on many of our advertisers - and consequently the revenue we receive - we are more reliant than ever on you taking out a digital subscription.

Subscribe to the Sunderland Echo website and enjoy unlimited access to local news and information online and on our app. With a digital subscription, you can read more than 5 articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit here to sign up. You can subscribe to the newspaper with 20% off here. Thank you.