A 46-year-old man has been charged with illegal money lending and money laundering, following an operation by the England Illegal Money Lending Team.

Working with Croydon Council’s trading standards officers, the team raided a property in Croydon on Wednesday, seizing cash and documentation.

A man was arrested and charged and is due to appear in court on May 29.

Tony Quigley, the head of the England Illegal Money Lending Team, said: “Illegal money lenders are a scourge on our communities, causing a great deal of fear and misery.

“We would urge people to avoid illegal money lenders at all costs and contact us if they think they or someone they know is involved with a loan shark- call us in confidence on 0300 555 2222.”

Nationally the Stop Loan Sharks project has secured over 200 prosecutions for illegal money lending and related activity, leading to 130 years worth of custodial sentences.

They have written off almost £40 million worth of illegal debt and helped over 18,000 victims.

Tony Brooks, Croydon Council’s director of public safety, said: “Partnership working of this kind is beneficial both to the council and, more importantly, the residents of the borough.

“Illegal money lenders cause deep misery for those who fall prey to their promises of easy, instant cash but who end up facing interest rates of thousands of per cent and, often, threats of violence when they’re unable to keep up with the spiralling debt.

“We’re happy to support and assist in any operation that helps to keep these heartless loan sharks from preying on Croydon’s residents.”