The 71-year-old was found guilty of ten counts of theft at the Old Bailey earlier this week and was handed the lengthy prison sentence today.

He ran PPI, a major UK company, until 1990 when it collapsed after a Serious Fraud Office investigation. He fled to his native Northern Cyprus in 1993 while awaiting trial, however, he returned in 2010 to clear his name.

Nadir will be eligible for release after serving half his sentence.

Mr Justice Holroyde said: “You were a wealthy man who stole out of pure greed.”