Saowaluk Fernando, a 48-year-old woman from Hillingdon, was recently sentenced to a suspended jail term and 150 hours of unpaid work for her involvement in illegal money lending and money laundering activities between 2012 and 2019. The sentencing took place at Isleworth Crown Court, where Fernando received a 24-month custodial sentence suspended for 18 months, along with a four-month electronic curfew. Additionally, she was ordered to pay £140,000 in restitution following the assessment of her recoverable assets.
Fernando’s arrest in 2019 came after an investigation by the England Illegal Money Lending Team (IMLT) in collaboration with the Metropolitan Police and Hillingdon Trading Standards. According to Ian Rees-Phillips, who prosecuted the case for IMLT, Fernando provided unlawful loans and used the interest generated to finance additional loans, resulting in an estimated profit of £250,000. These funds were utilized to sustain her lifestyle and make overpayments on her mortgage, as she lacked other sources of income.
The IMLT is currently considering a confiscation order regarding Fernando’s assets, with a decision expected to be reached soon. Following the sentencing, Tony Quigley, the head of IMLT, emphasized the exploitative nature of illegal money lending practices, highlighting the importance of supporting victims and holding perpetrators accountable. He commended the witnesses who came forward in this case, urging individuals facing similar situations to seek assistance from the team in confidence.
This year marks the 20th anniversary of the IMLT, a milestone that underscores the organization’s ongoing commitment to combating illegal lending practices and assisting affected individuals. Over the years, the team has provided support to over 31,700 people, written off £91.3 million in illegal debts, secured more than 420 prosecutions, and resulted in over 600 years of imprisonment for offenders. For those seeking help or information on loan sharks, resources are available online at www.stoploansharks.co.uk.
In light of this case, it is crucial to raise awareness about the dangers of engaging with illegal money lenders and to encourage individuals to report any suspicious activities to the authorities. By working together to combat this issue, communities can protect vulnerable individuals from falling victim to exploitative financial practices and promote financial well-being for all.
