A MAN was arrested in Chelmsley Wood today (Tuesday) on suspicion of illegal money lending and money laundering.
The 56-year-old was detained as part of ongoing efforts to root out those who are allegedly operating as loan sharks.
The England Illegal Money Lending Team (IMLT), working alongside Solihull Council's Trading Standards team and West Midlands Police, executed a warrant at an address on the estate.
Paperwork, electronic devices and an undisclosed quantity of cash were seized at the property.
The suspect is currently in custody and being questioned by IMLT officers.
In September, a report in The Guardian revealed that illegal loan sharks continued to target deprived areas, seeking out those struggling to make ends meet.
If you’ve been issued a loan with no paperwork or are receiving threats over a loan you have already paid off, you can get in touch with the IMLT on 0300 555 2222.