A Harrow doctor who ran an illegal money lending business has been spared jail.

Dr Arjan Savani, 49, a consultant at Central Middlesex and Northwick Park Hospitals, pleaded guilty to two counts of illegal money lending.

He had issued loans, totalling more than £1million to hospital colleagues over a period of approximately five years.

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The court heard Dr Savani ran a well-organised and profitable business from his places of employment, two hospitals in Harrow during January 2011 to December 2015.

During a search of Dr Savani's house, loan records were found which demonstrated that the loan shark had received payments totalling more than £880,700.

During an interview with IMLT Officers, Dr Savani admitted to issuing loans ranging from £500 to £50,000 to his customers since 2011.

He said that he knew he was acting illegally but was of the view that it would take too long to obtain a license which would have curtailed his money making.

An examination of records held by Dr Savani revealed that victims had often had loans totalling to thousands of pounds.

Simon Mortimer, prosecuting, said Dr Savani had deliberately preyed on members of the Filipino community who also worked at the hospital over a prolonged period of time.

Dr Savani knew his victims could ill afford the payments and was aware that the Filipino community places a great deal of importance on honour and the non-repayment of a debt would be shameful to the victim.

Mr Mortimer added that Dr Savani was motivated by greed and when payments were missed his victims knew extra interest would be added to the debt which had the effect of being, whether intentionally or not, oppressive and pressuring.

The court heard how Dr Savani did not declare any of his income from the money lending business to HMRC, and in total he had received interest in excess of over £280,300.

He had lent money to more than 90 individuals and had issued more than 270 loans during his period of operation.

The loan shark’s customers were sent monthly texts updating them on their outstanding balance.

Mr Mortimer stated this system puts pressure on the victim, as it ensures that the victim is fully aware that Dr Savani has control over their finances.

One victim, who also worked at Northwick Park Hospital in Harrow, explained she would send money back home to her family in the Philippines.

She is unaware of how much she has paid the loan shark over the last five years but knows it far exceeds the total borrowed.

Another victim, who also worked at Northwick Park Hospital, said she was aware Dr Savani was a money lender and contacted him for £8,000 to cover a family emergency. She has since taken out further loans, with total borrowings of £11,000.

Dr Savani received a two year jail sentence suspended for two years.

In addition he must complete 120 hours of unpaid work over the next twelve months.