Assets worth $100 million (£60.2 million) have been frozen in London as part of the $7 billion fraud case against Allen Stanford, the Serious Fraud Office (SFO) revealed today.

Stanford, who was best-known in this country for involving England in an over-the-top $1 million cricket tournament, will be told tonight by a judge in Texas whether he will be released on bail ahead of his trial.

In London the SFO said it had applied for a restraining order in April over $100 million of assets held at certain London financial institutions which related to Stanford, Stanford International Bank and other parties.

SFO Director Richard Alderman said: "I am delighted that the SFO has been able to secure a freezing order of this magnitude and within five hours of it being requested.

"I am determined that supporting our US counterparts in this way becomes a routine example of cross-border co-operation."

The SFO said it had been asked by the US Department of Justice to keep the restraining order secret until they had laid charges against Stanford which happened last week.

The London-held assets are now frozen until the outcome of Stanford's trial.

In effect, Old Bailey Judge Stephen Kramer has issued orders to the banks and other financial institutions telling them they cannot release money or other assets identified by the police as relating to Stanford.

Stanford, 59, was once believed to be one of the wealthiest men in America with an estimated fortune of more than $2 billion.

But last night his lawyer Dick DeGuerin said he was now worth nothing and his family and friends were finding it hard to raise just $100,000 for his bail.

Prosecutors argued against bail saying there was a clear danger he would flee the country.

Stanford and his co-defendants are charged with wire fraud, mail fraud and conspiracy to launder money.

Investigators claim he siphoned off $1.6 billion in personal loans from his financial empire to fund his lavish lifestyle which included six private jets, a helicoptor, homes in Miami and the US Virgin Islands and a $100,000 a month American Express bill.