Officers raid homes in Merton and Wandsworth in a crackdown on loan sharks

Six people have been arrested as part of a crackdown on loan sharks.

Five women aged 27, 46, 63, 65 and 68 and one man, aged 68 are being questioned in custody on suspicion of illegal money lending and money laundering offences.

The England Illegal Money Lending Team (IMLT) working in partnership with the London Borough of Merton, Wandsworth Regulatory Services and the Metropolitan Police to execute warrants at six residential addresses in Mitcham and Wandsworth on October 22.

Officers seized large quantities of cash, documentation and electronic devices during the searches.

Tony Quigley, Head of the Illegal Money Lending Team, said: “Loan sharks are notorious for targeting people when they are at their most desperate – exploiting and profiting from their situation and threatening and intimidating victims.

“We will continue to work with our partner agencies to ensure loan sharks operating in London are identified and their unscrupulous activities stopped.”

HM Treasury announced a funding boost to tackling unlawful lending earlier this year. The money is being spent to investigate and prosecute illegal lenders and support their victims.

Wandsworth Council’s Deputy Leader Cllr Jonathan Cook said: “We strongly support the work of the Illegal Money Lending Team and their ongoing efforts to tackle unscrupulous lenders and loan sharks who pose such a threat to some of the most vulnerable members of society.

“Here in Wandsworth we’ve helped set up a local credit union so that people on low incomes who find themselves excluded from mainstream banks and credit companies can obtain an affordable, safe and ethical loan. Our advice would always be to contact the credit union and steer clear of the sharks.”