Loan shark must pay back £100k

LOAN sharks . . . Javid Iqbal (left) and Zayarit Mahmood

A LOAN shark who targeted gamblers at casinos is being made to payback £100,000 he made from the proceeds of crime.

Zayarit Mahmood (43) was told at a Minshull Street Crown Court hearing that he has three months to pay or faces 12 months in jail.

Mahmood and Javid Iqbal (38), both from Oldham, were sentenced to 14 months in prison in May last year after pleading guilty to illegal money lending and laundering from 2003 to 2013.

The pair were probed by the England Illegal Money Lending Team (IMLT) whose investigators worked in partnership with Oldham Council's Trading Standards department and GMP.

When warrants were executed at the home addresses of Mahmood and Iqbal in 2013, electronic devices and more than £70,000 in cash were seized.

At an earlier hearing, prosecutor Simon Mortimer told the court how the loan sharks would stalk casinos and ensure they were in a position to offer immediate cash loans to gamblers in the region of £1,000 or seize repayments if a borrower was seen to make a winning.

Loans provided by Mahmood, of Lees Road, and Iqbal were effectively rented out at the rate of £300 for every £1,000 borrowed, until the capital loan was repaid.

Following financial investigations led by the IMLT, the loan sharks were understood to have received more than £200,000 in capital and interest repayments on loans.

The exact amount the loan sharks made will never be known due to the lack of accurate records.

Tony Quigley, head of service for the National Illegal Money Lending Team, said: "We are continuing to crack down on illegal money lending and bringing those who break the law to justice.

"It's important to remember that loan sharks are only motivated by greed and should never been used.

"If you or someone you know has been a victim of a loan shark, we urge you to get in touch with IMLT on 0300 555 2222. Your call will be handled confidentially by one of our trained officers."

Helen Lockwood, Oldham Council's executive director of economy, skills and neighbourhoods, said: "The size of this confiscation order shows the scale of both Mahmood and Iqbal's crimes.

"They and other loan sharks are criminals who prey on vulnerable people and blight our communities. They fleece their victims and often use intimidation and violence."