Man arrested on loan sharking charge in West Bromwich police operation
A man has been arrested on suspicion of illegal money lending and money laundering offences after an operation in Sandwell.
Officers from the England Illegal Money Lending Team worked with West Midlands Police to execute a warrant at an address in West Bromwich on Tuesday.
Electronic devices were recovered during a search of the property.
The Illegal Money Lending Team works in partnership with Trading Standards officers from Sandwell Council to investigate and prosecute illegal money lenders.
The 41-year-old was taken into custody for questioning and has since been released under investigation pending further enquiries.
Councillor Danny Millard, Sandwell Cabinet member for communities, said: "We fully support the work of the Illegal Money Lending Team.
"Loan sharks are unregulated, often give loans without any paperwork and charge extortionate interest rates.
"In many cases, victims are introduced to the lender either through a friend, family member or because they are known in the community.
"With many people and families struggling to make ends meet as the cost of living rises, residents may be tempted to go to loan sharks for a quick-fix to boost their finances."
Sandwell residents can find links to useful information, advice and support from the council and other organisations by going to sandwell.gov.uk/costoflivinghelp
