Allied Irish Bank and the Bank of Scotland were the main targets of fraudsters Achilleas Kallakis and Alexander Williams who were ordered to pay confiscation orders totalling £3.7m at Southwark Crown Court yesterday.
Kallakis was ordered today to pay £3.25m within six months or serve a default sentence of seven years’ imprisonment.
Williams received a confiscation order of £477,474 payable within six months or he will face a three-year default sentence.
Both were jailed and disqualified from acting as company directors in January 2013 following guilty verdicts.
Mark Thompson, head of the Serious Fraud Office’s (SFO) proceeds of crime division said:”The SFO is committed to ensuring that fraudsters do not retain the benefit of their crimes.
Following a lengthy and challenging confiscation investigation by the proceeds of crime division, the court has made a substantial order against Mr Kallakis.
“We will take steps to make sure the order is satisfied within the period set by the court but if he does not pay, he faces a further lengthy term of imprisonment.”
This is the ninth confiscation order secured this financial year bringing the total value of SFO confiscation orders made during this period to £18.9m.