A CRACKDOWN on illegal money lenders has been launched in East Lancashire.

Rossendale police turned up the heat against loan sharks who have been exploiting people across the north west during the recession.

A 58-year-old man was arrested in Rossendale on suspicion of illegal money lending following an operation by the North West Trading Standards.

Officers executed a warrant at the property under the consumer credit act and seized documentation after searching a house, a set of garages, and a number cars in the borough.

Lancashire County Council deputy leader Albert Atkinson said: "The county council is working closely with the North West 'loan shark' team and Lancashire Police, to tackle illegal money lending in the county.

“National statistics indicate that over 3,000 Lancashire residents may find themselves in debt to illegal money lenders.

“Illegal money lenders operate outside the law and often charge extortionate interest rates or use illegal means to obtain repayments.”

More than 50 years of prison sentences for illegal lending offences have been handed out in the last five years after a national campaign Stop Loan Sharks.

Since 2004 authorities have has worked alongside 10,000 victims and written off more than £30million of illegal debt across the country.

Coun Atkinson said: “We will continue to tackle illegal lenders and encourage people who may be tempted to borrow cash during the recession to use legal sources of credit such as credit unions.”

The man has been released on bail pending further inquiries.