Feud gang ‘buys out’ moneylender

MANY Limerick families are caught in a violent debt-repayment trap in the run-up to Christmas.

They are reportedly being forced to hand over huge sums to a feared feud gang who have “acquired the business” of a leading illegal moneylender in the city.

The unauthorised moneylender ran an extensive back-street finance operation in the north side of the city. Recently he sold on his book of customers to a feud gang. He took the decision after being caught handing out children’s allowance books to mothers outside a post office by undercover gardaí. On getting their allowances the mothers handed back the books to the lender along with debt repayments.

It is believed that he has received a substantial six-figure sum from a gang based in St Mary’s Park for his book of customers.

One garda source said: “This feud family bought out the moneylender and basically the people who had debts with him now are in debt to this feud family.” Of course, if somebody goes to them looking for a loan to help them over Christmas, they will be facilitated, but these are not ordinary illegal moneylenders and use violence and intimidation.”

Gardaí believe incidents in which shots were fired into houses in the northside involved the gang.

The Criminal Assets Bureau successfully targeted proceeds the gang have accrued from their extensive drugs business in Limerick.

The gang are suspected of ordering a man to be shot recently after a gun he had hired out on loan from them was confiscated by gardaí when they searched a car in which he was travelling.