Man worked as loan shark from Hornchurch road for 7 years
A man has admitted running an illegal money lending business for more than seven years from his Hornchurch home.
Jagdev Singh Dhillon, 56, of Nelmes Way, pleaded guilty to charges of engaging in a consumer credit business without a licence and to acquiring, using or possessing criminal property between March 23, 2003, and October 7, just before he was due to stand trial at Snaresbrook Crown Court.
He was remanded on bail is due to be sentenced on Friday September 2.
Dhillon was investigated by the Trading Standard’s illegal money lending team, working with with Havering Council.
He was arrested during a two day operation by the team which targets loan shark activity across east London.
During a search of Dhillon’s home a diary was found which detailed loans to several people.
The records showed thousands of pounds had been lent to borrowers.
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Cllr Lesley Kelly, cabinet member for oublic protection at Havering Council, said: “We are pleased with this outcome. We are working with the illegal money lending team and will do everything we can to assist in bringing these people who pray on the vulnerable residents of Havering to court.”
The illegal money lending team forms part of the Stop Loan Sharks Project which has secured more than 190 prosecutions for illegal money lending and related activity, leading to custodial sentences in more than 113 years.
Almost �40 million worth of illegal debt has been written off and over 16,000 victims have been helped.
Anyone who has borrowed from a loan shark is encouraged to contact the team in confidence:
Call the 24/7 confidential hotline: 0300 555 2222
Text: ‘loan shark + your message’ to: 60003
Log-on to: www.direct.gov.uk/stoploansharks