London (Agencies): UK on Sunday asked the world community to take "concerted" action against the deposed Egyptian leader Hosni Mubarak, who allegedly stashed assets and millions of pounds in the country.

Business Secretary Vince Cable said that there was a need for "concerted international action" to tackle the issue, he was quoted as saying by the BBC.

"I was not aware that he (Mubarak) had enormous assets in the UK but warned the government would act against any British bank that was involved in helping the former president improperly move funds in order to protect his private wealth," Cable said.

Earlier a media report said that Britain's fraud investigation agency has launched a hunt to identify the millions of pounds in money and assets secretly stashed in the country by Mubarak and his family.

Mubarak's family fortune is thought to be at least 1.5 billion pounds, and is thought to be held in British and Swiss banks and tied up in property in London, New York and Los Angeles, according to 'The Sunday Times'.

The Serious Fraud Office is now investigating the assets of Mubarak's family in the UK.

One of the assets being investigated is a private equity company in Belgravia, west London which has been linked to Mubarak's sons, Gamal and Alaa, the report said.

Like the Swiss, the British are concerned that the assets be identified in case the funds came from illicit deals.

Responding to reports that assets were secretly held in London by the family of Mubarak and that of Zine Ben Ali, the deposed Tunisian president, SFO director Richard Alderman told the newspaper: "The public would expect us to be looking for some of this money if we became aware of it, and to try to repatriate it for the benefit of the people of these countries".

Mubarak's wife, Suzanne, is the daughter of a Welsh nurse who married an Egyptian doctor.

The family members are regular visitors to Britain. In fact, Gamal, 47, once lived and worked in London and is said to regard Britain as his second home.

In 1996 he set up an investment vehicle, Medinvest Associates, which is based in Sloane Street, central London.

The USD 54 million (34 million pounds) fund was aimed to invest in Egyptian public sector organisations that were being privatised by the Mubarak senior.

Mubarak was forced to step down as President of the African country after a mass uprising swept the streets demanding an end to his 30-year-rule. He left Cairo on February 11 for his residence in the Red Sea resort of Sharm-al-Sheikh but his whereabouts are not exactly known now.

Quoting western intelligence sources, the report said his wealth was reportedly tied up in foreign banks, investments, bullion and properties in London, New York, Paris and Beverly Hills.

On Friday night, Swiss authorities announced they were freezing any assets Mubarak and his family may hold in the country's banks, while pressure was growing for Britain to do the same.