A 46-year-old man was arrested on suspicion of illegal money lending early this morning in an operation by the England Illegal Money Lending Team in Coventry.

The IMLT worked in partnership with officers from West Midlands Police to execute a warrant at an address in the Upper Stoke area.

Officers seized cash and electronic devices, and the suspect was taken into custody to be questioned by IMLT investigators.

The IMLT works in partnership with Coventry Trading Standards Service to investigate and prosecute illegal money lenders.

Dave Benbow, head of the IMLT, said: “Thanks to our partner organisations for working with us on today’s operation. Illegal money lending has a devastating impact on vulnerable people and whole communities, and we are committed to working together to fight this criminal behaviour.

“If you think you, or anyone you know, has borrowed from an illegal lender, then we would urge you to contact our team. We realise it can be difficult for borrowers to speak out due to fear or intimidation, but I want to reassure people that they can contact us in complete confidence for specialist help and support.”

There are up to 1.08 million people in debt to loan sharks in England, according to figures from the Centre for Social Justice (CSJ).

Many illegal money lenders are well known within communities and are often introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, adding extra charges and high interest rates. They can resort to threats, intimidation and even violence if repayments are not made.

Unauthorised lenders do not complete affordability checks on borrowers – often meaning they are lending to people who cannot pay them back. These borrowers do not have the protection of consumer law such as cancellation periods and the ability to apply for help if they can’t pay. This causes huge amounts of stress and can impact their other finances, leaving them unable to pay rent or other priority bills.

Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.