A former businessman who was jailed for laundering money from an online banking service used by criminals has been ordered to pay back more than £1 million within three months or spend another seven years in prison and still owe the money.

Sandeep Singh Gill, 43, formerly of Framewood Road, Stoke Poges, was jailed for six years in June 2016 following an HMRC investigation that found he had laundered criminal cash through a string of bank accounts in Portugal, the Cape Verde Islands, Jersey, Cyprus, and finally into his Swiss bank accounts.

He used the cash to fund a wealthy lifestyle including buying property, foreign holidays, and Rolex watches.

He has now been ordered to pay back £1,018,085 within three months.

Gill laundered money through the online banking service Universal Mercantile Building Society EF (UMBS).

Its sister company, UMBS Online, was an illegal online banking facility, which was convicted of illegal trading in March 2011 and was used by criminals to move dirty money between bank accounts.

He helped legitimise the financial transactions of account holders by producing false bank statements and documents.

During HMRC’s investigation £82,000 was discovered in a safety deposit box in London and £15,850 was seized from a safe at his home.

He was convicted of two counts of transferring criminal property totalling £621,151 in May 2016 at Isleworth Crown Court.

A confiscation hearing on Monday this week found Gill had benefited by more than £6.3 million from criminal conduct, but his current realisable assets, including property, are just over £1 million.

HMRC said it will be able to pursue any future wealth.

Nicol Sheppard, assistant director, fraud investigation service, HMRC, said: “Our work doesn’t stop when a criminal is jailed.

“No matter how complex a money laundering investigation is or how many different bank accounts are used, we will stop criminals profiting from their crimes and recover the money to fund public services.

“Gill is already serving a six year prison sentence. If he doesn’t pay back what he owes, he will spend even more time behind bars – and still owe the money.

“We encourage anyone with information about money laundering to report it online or contact our Fraud Hotline on 0800 788 887.”

HMRC is also looking for 43-year-old Rajesh Datta in connection with the investigation. His last known UK address was in Middlegreen Road, Slough and a warrant for his arrest was issued on July 24, 2009.