Two fraudsters convicted and sentenced for defrauding AIB and Bank of Scotland for £61 million (€77.9 million) in 2012 have been ordered to pay confiscation orders totalling £3.7 million (€4.7m) at Southwark Crown Court in London.

Greek businessman Achilleas Kallakis was ordered to pay £3.25 million (€4.1m) within six months or serve another seven years in jail by His Hon Judge Andrew Goymer yesterday.

His business partner Alexander Williams received a confiscation order of £477,000 (€610,000) on Monday payable within six months or serve a three-year default sentence. Both men were originally jailed in January 2013 following guilty verdicts of conspiring to defraud banks, the largest of which was AIB, through deception and forgery in order to obtain finance to acquire property and build a super-yacht.

Mark Thompson, head of Britain's Serious Fraud Office's (SFO) proceeds of crime division said: "The SFO is committed to ensuring fraudsters do not retain the benefit of their crimes."

“We will take steps to make sure the order is satisfied but if he does not pay, he faces a further lengthy term of imprisonment.”

If Mr Kallakis pays out, this money will be paid to Her Majesty’s Court and Tribunal Service which will then pay it out in accordance with various orders issued by the court dealing with the criminal case.

Compensation may be paid to the victims of fraud such as AIB but there has not been any order made in this case on whether this will happen or not.

During the trial of Mr Kallakis, Britain’s Serious Fraud Office said: “This was an audacious, persistent fraud that enabled these defendants, Mr Kallakis in particular, to lead the lifestyle of the super-rich.”

Judge Andrew Goymer also accused AIB staff of acting “carelessly and imprudently” when he sentenced Kallakis in January 2013.