One of Pakistan's wealthiest men has agreed to hand over £190m to UK investigators in the largest asset recovery ever recorded by the National Crime Agency.

The out-of-court settlement includes a £50m house overlooking Hyde Park, as well as £140m in frozen accounts.

The deal with the family of Malik Riaz Hussain did not find any guilt and will see the money “returned to the State of Pakistan,” a statement said.

The property tycoon and philanthropist has made his fortune building upmarket, gated housing communities, but his firm has been caught up in investigations into corruption and land-grabbing.

Imran Khan's government welcomed the settlement as a success story of close cooperation between its asset recovery unit and the British authorities. Mr Khan was elected last year vowing to repatriate huge sums of money he alleges have been illegally salted away overseas by former leaders and members of the political elite. He has claimed much of it is in London.