A loan shark in Teesside exploited vulnerable people, charging crippling interest and threatening those who couldn’t pay.
Hakeem Suleman lived in Middlesbrough. He admitted to illegal lending and money laundering, crimes that occurred between 2019 and 2023. Police arrested him after an investigation.
The court sentenced Suleman to jail, giving him one year for illegal lending and two years for money laundering. The sentences will run at the same time, and the two-year sentence is suspended, meaning he might not go to jail. The judge said Suleman exploited vulnerable people, taking money from those who could not afford it.
The Illegal Money Lending Team prosecuted the case, working with local police. Police arrested Suleman in May 2023 and searched his house with a warrant. They found messages about loans on his phone, which aided their investigation.
Investigators discovered Suleman made many loans, lending money to about 62 people, mostly at a 100% interest rate, although sometimes the rate varied. He loaned over £40,000 and got back £70,199, including penalties. The court will look at taking his assets.
Officials said some messages contained threats. He added extra fees when people struggled. One person messaged Suleman, saying adding fees made it harder to pay.
The prosecutor read some messages in court, revealing a quick loan where someone got £150 in minutes, despite being new to Suleman. Another message added £100 for a late payment. He told someone to pay £200 that day, or he would visit. He messaged a woman about payment and threatened to send someone to her work.
Someone asked about borrowing £50, and Suleman replied with “120,” making £70 profit quickly. Other messages from Suleman were threatening; he threatened the borrower’s family, said he was coming to their home, and quickly increased the amount owed. One person said they only had £350, but Suleman demanded their wages.
Later, he demanded more money, saying he was losing money. He increased the debt to £550 and said it would soon be £600.
The defense argued that Suleman was young and naive, intending to lend money to friends. He started well-meaning and did not understand the seriousness of the crime. The judge disagreed, stating that Suleman grew greedy and charged very high interest, and he was addicted to gambling.
Besides the suspended sentence, he received community service and must complete 200 hours of unpaid work.
An official stated this was a shocking case where Suleman targeted vulnerable people, made a large profit off them, and threatened them to get paid. He forced them to prioritize his payments, but they had no regulator’s protection. The official stated this was exploitation, and they hope the sentence sends a message that illegal lending is not tolerated.
A council member said they protect vulnerable people, working with legal teams to address illegal trading and intimidation. She urged people to report loan sharks and contact the council for help; Citizens Advice can also help.
Legal lenders have authorization, and the Financial Conduct Authority regulates them, protecting borrowers. Suleman lacked that permission; the Illegal Money Lending Team investigates loan sharks and supports borrowers. Anyone affected by illegal loans can call for help, as the helpline is available 24/7, and support is also available online.