Six arrested over money lending ring in Waterford

Gardaí investigating a major illegal money-lending ring in the Waterford area arrested six people this morning.

The money lending ring under investigation involves members of an extended family who have bought up to 10 houses for cash despite claiming social welfare.

The early morning arrests were carried out in the Ardmore Park and Ballybeg estates of Waterford city and followed a major search operation earlier in the month which involved the Criminal Assets Bureau, regional armed support unit and local gardaí.

Up to 30 gardaí were involved in the arrests. Three men and three women, aged from their 20s to their 50s, detained and brought to local garda stations in Co Waterford for questioning.

They can be held for up to seven days under organised crime legislation.

It is understood the six people arrested are suspected of being at the centre of an illegal moneylending ring which has been operational for several years, as well as extortion, drug-dealing and the sale of counterfeit or smuggled tobacco.

Detectives have been examining the lifestyles and possessions of the suspects in recent months.

They are investigating the ownership of 22 houses and believe that up to 10 of those houses were bought with the proceeds of crime over the last couple of years.

Conveyancing documents covering the purchase of the houses have been obtained from solicitors’ offices and are also being examined by detectives.

They are also looking at the amount of money spent on furnishing the houses, which includes €10,000 spent tiling one kitchen, as well as on cars.

Despite having no obvious income apart from social welfare, some of the suspects have also been on numerous foreign holidays, with a number of them just back from Australia.

“It’s the whole lifestyle that’s being examined,” one detective involved in the operation said today.

The searches which were carried out earlier this month yielded documentation as well as about €20,000 in cash, a firearm, drugs and stolenproperty.

“We believe they are illegal loan sharks and extorting money from people aswell, along with being involved in the sale of drugs and then dealing in the sale and supply of tobacco,” the detective said. “

Hopefully we have disrupted their work.”

It’s believed the gang being targetted are giving loans to vulnerable people at extortionate rates and, in some cases, holding onto the children’s allowance and social welfare cards and books to force their victims to make repayments.

Gardaí also suspect that as many as 40 people arrested as part of their anti-organised crime operation in Waterford over the last year were pressurised into committing serious crime by members of the loan shark gang.

They have appealed for anyone targeted by the crime family and their associates to come forward with information.

earlier

Gardaí have arrested three men and three women in their mid 20s and mid 50s as part of an investigation into organised crime in the Waterford area.

They are being held at various garda stations in Waterford under Section 50 of the Criminal Justice Act, 2007.

The arrests are a follow up to searches carried out on June 3rd by the Criminal Assets Bureau and the Organised Crime Unit.