Alan Stanner, 39, of Audenshaw, Greater Manchester, will face 30 months in prison if he fails to pay the £218,541 back within the requested time, he was told appearing at Manchester Crown Court on Friday.
Stanner was previously sentenced to, and served, two and a half years in prison after pleading guilty to five counts of mortgage fraud and one of money laundering.
The fraudster purchased five properties across Greater Manchester and Lancashire between August 2005 and June 2008 worth a total of £742,000, despite having no legal income. Stanner obtained mortgages for £622,000, deceiving lenders by lying about his income, employment status and the source of the deposits, which amounted to just short of £120,000.
Stanner then let out the properties and used the rental income to service the mortgage repayments. He also admitted to the court of money laundering £85,000 in undeclared income from companies that had previously been shut down.
According to Greater Manchester Police (GMP), Stanner has failed to pay income tax since August 2005.
Despite failing to pay income tax, the court heard that Stanner managed to fund a lavish lifestyle of exotic holidays, designer shopping trips and meals in expensive restaurants.
Detective Constable Mark Chesters of GMP’s Financial Investigation Unit said: “Stanner is an example of a person with unexplained wealth and a lavish lifestyle. This lavish life came from criminal activity and Stanner will be stripped of his assets.
“This is one of many successful confiscation orders, which have followed a long-running investigation by the GMP Asset Attack Team.
“I hope this sends the clear message that anyone thinking of committing fraud offences will have to pay the price for their crimes.”