A Croydon man and six others from Birmingham who attempted to steal £45m in VAT fraud have been ordered to repay nearly £1.8m.

Philip Mallourides, 43, of Stanley Gardens, Croydon, was part of the gang of family and friends who received combined jail terms of 62-and-a-half years, after a six year investigation by HM Revenue and Customs (HMRC), into a missing trader VAT fraud, linked to the trade in mobile phones and CD ROMs.

Around £212,000 cash was found in safety deposit boxes in Birmingham and in cassette cases at the home addresses of a number of the defendants.

The money which was seized during dawn raids has already been returned to public finances.

Mallourides was jailed for six-and-a-half-years after heading up a corrupt freight forwarding company, ASR Logistics.

A confiscation order was granted last month for £711, 278 to be paid within six months or he will remain in prison for a further 3.5 years.

Richard Meadows, Assistant Director of Criminal Investigation for HMRC, said: "Our financial investigations have included analysis of hundreds of UK and overseas bank accounts to identify hidden assets.

"We are determined that this money will be restored to the nation’s finances and we are grateful for the help we have received from law enforcement authorities in Dubai and Hong Kong."