TWO men from Runcorn were arrested in a dawn swoop today on suspicion of illegal money lending and money laundering.

The suspected loan sharks, aged 39 and 58, were taken into custody this morning following an operation in Runcorn and Speke.

The England Illegal Money Lending Team (IMLT) working in partnership with Halton Council, Liverpool City Council’s Trading Standards Department, Merseyside Police and Cheshire Constabulary executed warrants at three home addresses seizing documentation, electronic devices and a quantity of cash.

Both suspects were bailed until April 11.

Tony Quigley, head of service for the National Illegal Money Lending Team said: “We will continue to work with local authorities and the police to combat loan sharks.

“These criminals cause untold misery amongst our local communities.

“If you’ve been issued a loan with no paperwork attached, or are receiving threats over a loan you have already paid off, please get in touch with us.

“Your call will be handled by a trained illegal money lending officer and all information will be treated in the strictest confidence.”

Cllr Dave Cargill, Halton Council’s board member for trading standards, said: “Loan sharks are often lifestyle criminals involved in other illegal activity.

“They don’t advertise – they get their work on recommendation and may be introduced to you as a friend of a friend who can help you out.

“Victims can often become trapped for years paying thousands of pounds more than they borrowed and facing intimidation and threats of violence if they miss payments.”

Nationally, illegal money lending teams have secured more than 370 prosecutions for illegal money lending and related activity, leading to nearly 318 years’ worth of custodial sentences.

They have written off £71.9 million worth of illegal debt and helped over 26,500 people.

To report a loan shark call the 24/7 confidential hotline on 0300 555 2222, text a report to 078600 22116, visit stoploansharks.co.uk or  e-mail reportaloanshark@stoploansharks.gov.uk.