A FRESH raid has taken place on a suspected loan shark in Oldham, investigators have confirmed.

Officers from the England Illegal Money Lending Team, working with police and trading standards, say a 50-year-old man was detained in the Holts area of the town.

In the raid various documentation and electronic devices were seized by officials during a search a warrant at the undisclosed address.

And the EIMHL says these will now be examined, while the 50-year-old, who has not been named, has been released under investigation.

The raids are the second 'hit' by the illegal money lending team after a similar operation was conducted in the borough last month.

Tony Quigley, the gead of the Illegal Money Lending Team, said: “We are working closely with our partners to clampdown on the unscrupulous activity of illegal money lending in Oldham.

“We want to reassure victims that we are still here for them, check out the website and seek support using our online live chat service. All reports are treated in the strictest confidence and you can remain anonymous if you wish.”

The August raids by the money lending squad saw seven people, aged between 19 and 41, detained in a series of swoops at properties in Coldhurst, Fitton Hill, Greenacres and Holts.

Cllr Amanda Chadderton, the borough’s human resources cabinet member, said then: “Coronavirus has had a huge financial impact on Oldham and many residents, through no fault of their own, have been hit hard in the pocket.

"Loan sharks will try and take advantage of any situation to prey on people, especially the vulnerable. They then go on to fleece their victims, often using intimidation and violence."

Similare seizures of paperwork and documentation were made and the seven were also released under investigation, pending further enquiries as part of the joint investigation. which was said to have been planned for months.

Meanwhile people looking for finance in the Oldham area are being advised to turn to 'community banks' instead of unlicensed moneylenders.

An EIMLT spokesman added: "Credit unions are recommended as a safe, alternative lending and saving facility."

For more about Oldham Credit Union, Oldham Times readers can call 0161 678 7245 or visit www.oldhamcreditunion.co.uk online.