Property fraudster Achilleas Kallakis "must pay £3.25m" or face more prison time over Allied Irish Bank and Bank of Scotland fraud

Catherine Neilan
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Achilleas Kallakis: If he doesn't pay the £3.25m back in six months, Kallakis' prison sentence could double (Source: Getty)
A man convicted of perpetrating fraud totalling more than £760m has been ordered to pay back just £3.25m within six months or face seven years in prison.
Last January Achilleas Kallakis and his partner Alexander Williams were found guilty of defrauding the Allied Irish Bank and the Bank of Scotland out of a series of loans, which they used to buy 16 landmark properties across the UK between 2003 and 2008.
Among the buildings were the Home Office's asylum processing centre in Croydon, which was bought for £100m, and the Daily Telegraph headquarters in Central London, which cost £225m.
The pair had also bought an ex-passenger ferry, which they planned to transform into a super yacht using the banks' money.
In January 2013, Kallakis received a seven-year sentence while Williams was given five years. After appealing, their sentences were actually increased to 11 years and eight years respectively.
This week's sentence in lieu of payment would be in addition to both those terms.
Williams has also been ordered to pay back nearly £500,000 in six months or receive an additional three-year sentence.
Mark Thompson, head of the Serious Fraud Office's proceeds of crime division, said:

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.

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