A high-rolling poker player who duped two major banks in a £750million fraud so he could fund a Champagne lifestyle has been ordered to pay back just £3million.

Flamboyant fraudster Achilleas Kallakis, 46, conned lenders into advancing enormous loans to buy 16 landmark properties across the UK during the property boom.

The buildings included the £225m headquarters of the Daily Telegraph in London and a £100m Home Office building in Croydon.

Kallakis - the nephew of a Greek shipping magnate - teamed up with 'prolific forger' Alexander Williams, also 46, to swindle the Allied Irish Bank and the Bank of Scotland.

Fraudster Achilleas Kallakis, 46, pictured left, team up with Alexander Williams, pictured right, to carry out a £750m fraud during the property boom - but the pair have been ordered to pay back less than £3.5m

The pair operated out of a Mayfair office as the Pacific Group of Companies and duped lenders into advancing loans totalling £766m on the back of forged or false documents.

Dubbed 'The Don' after winning $1m in a poker game, Kallakis then blew millions of pounds on an extravagant lifestyle.

The father-of-four - who called himself 'his excellency' and claimed to be a San Marino ambassador - bought a private jet for £27m, a helicopter for £5.2m and a luxury yacht which was moored in Monaco.

He also owned a fleet of chauffeur driven Bentleys, a villa in Mykonos and a sought-after property in Brompton Square, Chelsea.

Last year, Kallakis, from Chelsea, was jailed for seven years after being convicted of two counts of conspiracy to defraud banks. Williams, from Fulham was locked up for five years.

But today Kallakis was ordered to pay just £3.25m of the money he obtained during the elaborate scam.

Dubbed 'The Don' after winning $1m in a poker game, Kallakis blew millions of pounds on an extravagant lifestyle

He has now been ordered to pay £3.25m within six months, or serve a default sentence of seven years imprisonment

If he does not pay the money within six months, he will serve a default sentence of seven years in jail the Serious Fraud Office (SFO) said.

Williams had received a confiscation order of £477,474.25 earlier this month, payable within six months. He will be jailed for three years if the amount is not paid.

From 2003 to 2008 the pair used forged documents from fictitious Hong Kong based property developer SHKP, sham legal letters and bogus guarantees to apply for loans on high value commercial property.

As well as purchasing the Daily Telegraph building in Buckingham Palace Road for £225m, they also bought a 23-storey building in Vauxhall, south London, for £75million.

The property portfolio also included several sought-after properties in Mayfair and Knightsbridge - two of the most affluent areas in London - as well as buildings in Sussex, Liverpool and Reading.

St James Square was one of the 16 properties Kallakis acquired during his five-year spending spree

Another property in central London, left, and the Home Office building in Croydon, south London, right, were another two of the properties Kallakis bought through fraudulent bank loans

The Telegraph Media Group headquarters on Buckingham Palace Road was bought for a reported £225million by Kallakis during the scam

The fake guarantees, said to cover the rental income from the buildings, led to increased valuations and generated a £77m surplus.

A further £114m put up by AIB and due to be paid in in reverse premiums - incentives for SHKP - was also plundered by Kallakis and Williams.

They also duped the Bank of Scotland into parting with £26million in 2007 for the conversion of a ferry into a luxury yacht. The banks eventually lost nearly £60million when the scam collapsed.

Following a retrial lasting almost four months, both were jailed and disqualified from acting as company directors.

Kallakis and Williams were convicted in 1995 of selling bogus titles to wealthy Americans including current US congressman for the Louisiana 7th District, Charles Boustany.

Their victims were attracted by the ultimate step in upward mobility and believed they would receive priority on the Queen's social list.

Kallakis bought a private jet for £27m, pictured right, and also owned a fleet of Bentleys, left (file pics)

He owned a villa in Mykonos, pictured, as well as property in Brompton Square, Chelsea, and Monaco, where he is said to have been a member of Prince Albert's charitable foundation (file pic)

Police then tracked the pair, who travelled by Concorde, through their BA Airmiles. They were fined and sentenced to 160 hours of community service.

Both Kallakis and Williams changed their names after the peerage fraud - Kallakis was formerly known as Stefanos Kollakis, while Alexander was previously called Martin Lewis.

Williams had also been convicted in February 1993 of using the names of dead people to obtain British passports.

Mark Thompson, head of the SFO's proceeds of crime division, said today: 'The SFO is committed to ensuring that fraudsters do not retain the benefit of their crimes.