The High Court has demanded that a former bank boss must sell his £41 million property empire in order to pay his creditors, which include high street bank RBS, the Evening Standard reports.

Mukhtar Albyazov, previously head of The JSC BTA Bank and a Kazakh government minister, has been ordered to sell the properties, which form part of a portfolio worth well over £150 million.

The order comes after Mr Albyazov was sentenced to 22 months in prison for refusing to reveal details of his personal wealth as part of an investigation into an alleged £3 billion fraud.

In response, The High Court has now ordered receivers KPMG to put three of his luxury homes up for sale, including a £20 million property in “Billionaires’ Row” in London.

Judge Nigel Teare said that Ablyazov must have orchestrated or authorised false loans and “deceived” BTA’s board by failing to disclose his interest in borrowers.

Speaking to The Evening Standard, Pavel Prosyankin of BTA Bank - which is overseeing the asset recovery process in the case - said: “This (High Court) order is another important step forward in the bank’s effort to recover the billions of dollars in assets which Mr Albyazov misappropriated.

“We can now move to liquidate these assets. The bank will continue to leverage the English High Court judgments to pursue assets across the globe.”

Mr Albyazov, a physics graduate, originally fled Kazakhstan after BTA Bank that he headed collapsed with over £11 billion worth of debts. The bank, together with creditors such as RBS, fought back against the banker by bringing £6 billion worth of claims to the High Court.

As part of attempts to regain a proportion of money owed to the creditors, £2.4 billion worth of Mr Albyazov’s assets have already been secured.

The £20 million property in London’s Bishops Avenue - renowned for being formerly owned by IT magnate Michael Dell - contains a 15-metre hall, libraries, nine bedrooms, a pool and a Turkish sauna which seats up to 12 people.

Another £20 million property approved for sale is a mansion in Oaklands Park near Windsor, which contains eight buildings, 40 hectares of Oaklands parkland, tennis courts, lakes and a helipad.

The final property approved for sale is a £1 million flat in St John’s Wood, located near Lord’s cricket ground.