British investigators have seized £248,000 ($351,168) from the architect of an international metal trading scam who was jailed for duping banks out of hundred of millions of dollars.

Indian Virendra Rastogi, his three brothers and two other directors ran the scam from the UK, US, Dubai and Singapore, costing banks around the world $700 million before it collapsed in 2002.

The money seized from an account linked to Rastogi is the first that authorities have secured from the fraudster since he was jailed in 2008 and represents a tiny fraction of what he owes. A British court more than a decade ago ordered him to pay back $360m but he refused and was declared bankrupt.

Rastogi’s business RBG Resources relied on trickery to persuade banks to supply a steady stream of credit while fake documents suggested that major deals buying and selling metals such…

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