Achilleas Kallakis and Alexander Williams were handed sentences of seven years and five years respectively in a hearing at Southwark Crown Court. Further reading Mayfair property fraudsters stole millions from banks Mortgage Solutions reported yesterday that the pair defrauded Allied Irish Bank and Bank of Scotland.

The trial had heard that Kallakis had used the proceeds to fund a lifestyle which included a fleet of chauffeur driven Bentleys, a private plane, a private helicopter, a luxury yacht moored in Monaco harbour and a collection of high value art.

Both men already had previous fraud convictions.