Two suspected loan sharks got a rude awakening this morning as police smashed through their front door. Shouts from officers boomed across the unsuspecting street in Stockport just after 6.30am, warning the couple inside to answer.
Curtains twitched and heads popped out from neighbouring doorways as the pair emerged from the property in handcuffs. A 42-year-old man and a 43-year-old woman were arrested on suspicion of illegal money lending and money laundering offences.
The calls from officers heard across Brinnington Estate were so loud one shocked neighbour screamed ‘call the police’. She was stunned when met with the response, 'we are the police'.
The Manchester Evening News joined the the England Illegal Money Lending Team (IMLT) as they carried out the raid alongside Greater Manchester Police this morning (September 28) after they received intelligence that the individuals were involved in running an illegal money lending business.
Firework-like cracks echoed overhead as police smashed the front window, gaining entry to the porch, after calls to open the door went unanswered. Officers in riot gear hopped through the broken glass and into the house to make the arrests, catching the bleary eyed pair unawares.
‘This is embarrassing’, screamed the man as he was dragged out of the house by police. He was swiftly bundled into the back of a police van and taken into custody, joined shortly after by his partner.
After the pair were taken away, officers sweeped the property for evidence of criminal behaviour and bagged any evidence found. They told the MEN they had seized loan agreements, loan books, and electronic devices which are now being examined.
The 16-man operation was deployed from the station in Cheadle Heath Police Station in the early hours to crack down on illegal money lending, which the IMLT said is becoming an ever growing issue. They believe that the cost of living crisis has only exacerbated the use of loan sharks, with parents being approached on the playground, and victims being threatened with assault, kidnapping and blackmail.
Tony Quigley, head IMLT, said: “We executed a warrant at an address in Stockport so we can ascertain whether illegal money lending has been happening with this couple. It is widespread, we’ve been doing these operations every week and it is not specific to one area.
“One of the issues is the financial crisis being we are concerned we will see more of it. This is the start of our investigation but subject to what we find today is how we progress and move forward.
“We want to promote the message and raise awareness that if you’re in dire circumstances and in a position where someone is lending you money, appearing to be your friend, and it is getting out of control, we want you to contact us. It is about making sure they are not doing this to others in the community.
“These operations run through word of mouth, because when they first approach you they appear to be your friend and then within a short amount of time you realise they’re not your friend and they’re just taking advantage of you. We see it time and time again.
“This is really scary for people, if you’re in debt to an illegal money lender, then you’re concerned about what might happen. We’ve seen offences of wounding, assault and blackmail, so to live under that sort of cloud, it is just horrible.
“They’re not bothered about who they threaten, they just want their money back. We need people to be brave, we need people to come forward, and we will act.
“Illegal money lenders are notorious for their ruthless exploitation of vulnerable people, preying on their fears with threats and intimidation to make a profit. People can easily get into debt with these unscrupulous lenders, especially when they threaten them or their family to repay money – many victims have had to take out further loans in an attempt to pay off existing debts with extortionate interest rates.
"As the problem worsens it can make victims feel powerless and afraid, leaving them unable to ever repay their debts or seek help."
A report published recently by the Centre for Social Justice estimated that 1.08 million people could be borrowing from an illegal money lender – more commonly known as a loan shark. This figure has more than tripled since 2010.
The IMLT believes the actual number is much higher than the report suggests - with many cases going unreported - which is why they launched their campaign #LetsTalkLoanSharks. This is to encourage people to open up the conversation about the dangers of loan sharks and highlight the support that is available to those who have been affected.
Inspector Ian Ashenden, of GMP's Stockport district, said: “Illegal money lenders pose a dangerous threat to our communities. They use intimidation to bully people into paying back huge loans, charging exorbitant interest rates, and threatening their victims with violence if they don’t pay.
“Today’s action comes after weeks of coordinated work with the IMLT as part of our joint- operation to identify and protect victims of this exploitation, and to target and prosecute offenders.
“Our work with IMLT will see us continue to raise awareness of loan sharks operating within Stockport and developing a common understanding of illegal money lending throughout the community.”
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