Adeel Mirza, 47, was convicted of nine counts of fraud in 2013 and jailed for six years after a National Crime Agency (NCA) investigation revealed he had provided false income and employment details to obtain substantially inflated mortgages.

Following his conviction, Mr Mirza was ordered to pay back £4,180,788.32 with a six-year default sentence if he did not pay up.

Specialist lawyers from the Crown Prosecution Service Proceeds of Crime (CPSPOC) division were appointed to negotiate the return of this sum. Prosecutors arranged the sale of nine houses across London, representing the majority of Mr Mirza’s UK property portfolio.

Although the properties were registered to a trust in Jersey, the Crown Prosecution Service was able to register the confiscation order on the island in order to seize and sell the assets.

The order has now been fully satisfied.

Holly Morton, specialist prosecutor for CPSPOC, said: "Adeel Mirza used a complex network of companies to illegally gain millions of pounds for himself and his corrupt and criminal associates.

"We have now ensured he will not be able to continue to benefit from his crimes once out of jail.”

During the investigation, the NCA uncovered a complex network of payments, bank accounts and properties held by companies in different countries and under different names.

These mortgages were arranged for clients.

"Criminals must realise that we will seek confiscation of their assets,” Holly added.

“When they are caught committing these kinds of crimes, they will lose their liberty and will not return to lives of luxury on release.

"The success of this case demonstrates the determined and effective joint action between the CPS, National Crime Agency and overseas authorities in ensuring that criminals do not get to retain the benefit of their crimes."