The 52-year-old man has been arrested on suspicion of illegal money lending after a warrant was carried out at an address in Chorley yesterday morning.
The operation, by The England Illegal Money Lending Team, Lancashire Trading Standards and Lancashire Constabulary, seized loan documentation, a quantity of cash and the suspect’s electrical devices.
The suspect is currently in custody being questioned by officers from the team.
County Councillor Azhar Ali, Lancashire County Council cabinet member for health and wellbeing, said: “Loan sharks cause misery for some of our most vulnerable people and we work closely with the Illegal Money Lending Team and the police to pursue them.
“If you’re having a problem with illegal money lenders or know something about this activity in your area, please report it in confidence by calling the hotline on 0300 555 2222.”
The news comes as last month, a loan shark and her husband, from Croston, were jailed for eight months after an illegal money lending enterprise they ran was exposed.
Karen Scott, 45, and husband David, 52, of Westhead Road, were prosecuted by the National Illegal Money Lending Team (NIMLT).
Her mother, businesswoman Catherine Lunders, 64, of Holborn Hill, Ormskirk, was given eight months suspended for two years for similar matters by Judge Pamela Badley.