A 48-year-old woman who operated as a loan shark in Hillingdon has been ordered by a court to pay more than £147,000.
Saowaluk Fernando, of Harlington Road, Uxbridge, was given three months to pay, or she could face an 18-month jail term.
Fernando was found guilty of two counts of illegal money lending and two of money laundering between 2012 and 2019 following a trial earlier this year.
Last month (JUNE) she was sentenced to 24 months in custody, suspended for 18 months, as well as being ordered to complete 150 hours of unpaid work and comply with an electronically monitored curfew for four months.
The case was back before Isleworth Crown Court on Friday (JULY 12) when the court was told she had £147,759 in recoverable assets. An order was made that this amount should be confiscated under the Proceeds of Crime Act.
Fernando was arrested in December 2019 after an investigation by the England Illegal Money Lending Team (IMLT), working in partnership with the Metropolitan Police and Hillingdon Trading Standards. The prosecution was brought by the IMLT.
Mr Ian Rees-Phillips, prosecuting on behalf of the IMLT, told the court in June that Fernando handed out unlawful loans and then used the interest made from them to fund more loans to others.
He said Fernando abused her position of trust with vulnerable borrowers and while her offending was not particularly sophisticated, it was sustained over a long period of time.
He said she appeared to have committed the offences across borders and continued to charge interest to customers even after being arrested.
Speaking after the confiscation hearing, head of the IMLT, Tony Quigley, said: “Illegal lenders should not be allowed to continue to benefit from their ill-gotten gains, so we are pleased that this confiscation order has been made.
“Some of this money will go towards helping the fight against illegal lenders in England and we hope it sends a message that this behaviour will not be tolerated in our communities.”
This year is the 20th anniversary of the IMLT. Since its launch, the team has supported over 31,700 people and written off over £91.3 million worth of illegal debt, securing over 420 prosecutions for illegal money lending, leading to over 600 years in jail.
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7confidential helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk.
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