Man arrested following anti-loan shark operation

A man from Rochdale was arrested on suspicion of illegal money lending during an anti-loan shark operation on Tuesday (17 August 2010).

The Trading Standards North West illegal money lending team, in partnership with Rochdale Borough Council executed a warrant under the Consumer Credit Act. This
took place at a property in the Bamford area of Rochdale and documentation was seized.

The man aged 45 was taken to custody and has been questioned by officers from the illegal money lending team. He has now been released on bail.

Rochdale Council Leader, Irene Davidson, said: “Loan sharks prey on our most deprived communities by exploiting their vulnerability. For those people who have been snared by loan sharks the whole experience of owing money to illegitimate lenders can be frightening and stressful.

“We know that this illegal trade often fuels other criminal activities and the loans sharks will intimidate or use violence to get what they want. This is simply unacceptable and we’ll do whatever we can to bring these people to justice and drive out this frightful crime from our town.”

Nationally the Stop Loan Sharks project has so far helped more than 14,500 victims, seized and confiscated over £2.5million, written off over £25million of illegal debt and secured over 70 years of prison sentences for illegal money lending and related criminal activity.