Two men have been arrested on suspicion of illegal money lending following an operation in the Blackburn area.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Lancashire Police to execute warrants at two addresses.
A 45-year-old man was arrested at an address in the Little Harwood and Whitebirk area and a 33-year-old man was arrested at an address in the Blackburn South East area.
Officers seized electronic devices, cash, cigarettes and vapes.
The suspects were both taken into custody to be questioned by IMLT investigators.
The IMLT works in partnership with Blackburn with Darwen Borough Council Trading Standards service to investigate and prosecute illegal money lenders.
Dave Benbow, acting head of the IMLT, a national organisation hosted by Birmingham City Council, said: “Illegal money lending will not be tolerated in England. We work with our partners across England to take action against those who blight our communities in this way.
“Anyone who has been targeted by a loan shark, or knows someone who has, can contact our team in confidence for advice and support about what to do next.”
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 their communities and are often introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, charging extortionate interest rates. They often resort to threats, intimidation and even violence if repayments are not made.
This year is the 20th anniversary of the IMLT. Since 2004, the team has made 856 arrests and secured 426 successful prosecutions, with illegal lenders locked up for more than 609 years. More than £91.3 million in illegal debt has been written off, and around 32,000 borrowers have been supported.
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.
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