A multi-millionaire serving a nine-year prison sentence for his part in a £250m VAT 'missing trader' fraud has been ordered to repay criminal profits of £14m or face a further 10 years in jail.

Nasir Khan was jailed in 2011 for his part in what HMRC described as 'an intricate spider's web of conspiracy' involving the supposed import and export of mobile phones by a gang of 15 people who ran a group of fake trading and logistics companies.

Robert Alder, assistant director of criminal investigation for HMRC, said: 'Nasir Khan enjoyed the lifestyle of an international playboy, investing the proceeds of his crimes in a portfolio of luxury rental apartments in London, Marbella and Gibraltar. He kept a yacht and a fleet of luxury cars, including a Bentley, Ferrari, Lamborghini, Porsche and over a dozen Mercedes with personalised number plates. They have all been restrained.'

Khan has now been given nine months in which to make the additional £14m repayment. Alder said: 'Our investigations do not stop with the sentencing of those involved in fraud. We will also try to stop criminals profiting from their crimes and reclaim as much as possible for the UK taxpayer.'

Khan was the owner of The Accessory People, a business dealing in mobile phone accessories. As the accessory market declined from around 2001, the company began fraudulent wholesale trade in mobile phones, boosting turnover from £13m in 2002 to £219m in 2003. He was eventually arrested, along with 15 co-conspirators, following a ten year HMRC investigation codenamed Operation Euripus which resulted in the seizure of over half a million documents and 130 computer hard drives.

Analysis of this data revealed a web of fraudulent mobile phone deals between companies owned by gang members, with money transferred via offshore bank accounts from the UK and EU into accounts in Hong Kong, Pakistan and Dubai. The fraud was carried out over a two year period from June 2001 to July 2003.

The judge sentencing Khan in 2011 said: 'The levels of profits were too great for you to resist. You had tried to paint yourself as a generous provider to charities and as a role model - in truth, you were nothing of the kind. You were close to the heart of the fraud and benefited greatly from it.'

At his trial, Khan was also found to have made donations of £34,000 to Crimestoppers in 2008 using the alias Nasa Khan.