London, Feb 19 (PTI) An Indian-origin boss of a property lettings company in Essex, south-east England, who wanted to contest to be elected Mayor of London, has been sentenced for fraud following investigations by the UK's Insolvency Service.  Ghanshyam Sarup Batra, also known as Shyam Batra, had announced his intention to stand as an independent candidate in the 2024 London mayoral elections, but was ultimately not nominated.

On Tuesday, the 63-year-old was sentenced to 12 months in prison, suspended for 18 months, for transferring more than 100,000 pounds from his company’s bank account to his personal account.  “Ghanshyam Sarup Batra knew exactly what he was doing when he emptied the company’s bank account," said Chris Wood, Chief Investigator at the Insolvency Service.

“Within an hour of losing control of the business, he began moving money into his own pocket, leaving creditors with nothing. This was a deliberate and dishonest act, and the jury saw through his attempts to justify it.

“This conviction should serve as a warning that we will pursue those who try to cheat creditors out of money they are owed," he said.

Batra was director of Dylan Lettings Worldwide Limited, a company managing four London-based "Aparthotels", when he drained its account over a four-day period in 2017 after the company and its assets had formally transferred to a court-appointed Official Receiver.

Batra pleaded his innocence at the Old Bailey court in London, accepting that he removed the funds but claiming that he believed he was entitled to withdraw the money.

“However, this account was rejected and a jury unanimously found him guilty of one count of fraud in anticipation of winding-up under the Insolvency Act 1986 following a six-day trial at the Old Bailey," the Insolvency Service said, which is also seeking confiscation of funds under the UK's Proceeds of Crime Act 2002.

Meanwhile, Batra remains banned as a company director until March 2028, having been disqualified for seven years in 2021 following initial Insolvency Service investigations into the fraud.

Dylan Lettings Worldwide Limited was incorporated in May 2010 with Batra as its sole director at the time. The properties it managed were described as "Aparthotels", a type of hotel providing self-catering apartments as well as ordinary hotel facilities.

They were owned as leasehold by Batra, either personally or through a series of trusts of which he was the beneficiary. Dylan Lettings Worldwide Limited did not own any of the properties during this period and existed to manage the day-to-day running of the hotels.

According to details released by the Insolvency Service, a number of mortgage companies had called in debts personally owed by Batra in May 2017.

He was subsequently ordered by court to pay more than 6.5 million pounds to settle the debts, which he failed to do. This led to the appointment of a Law of Property Act (LPA) Receiver and transferred the ownership of the single share in Dylan Lettings Worldwide Limited together with any assets of the business, including the money then remaining in its business bank accounts, to the Receiver.

“Just 45 minutes later, Batra transferred 50,000 pounds from the company’s business account to his personal account, the maximum amount he thought he was allowed to remove in one day.

“Batra moved a further 49,000 pounds to his account the following day and fraudulently transferred a total of 105,690 pounds across a four-day period. By the time he had finished, only 3.48 pounds remained in the company’s business account," the Insolvency Service said.

Dylan Lettings Worldwide Limited entered liquidation in October 2017 and was dissolved in October 2019. The insolvency practitioner dealing with the liquidation recorded that no assets were realised and no dividends paid to creditors.

Batra was declared bankrupt in January 2025. While bankruptcy restrictions are usually discharged after 12 months, Batra’s discharge was suspended indefinitely after he failed to cooperate with the Official Receiver, a court-appointed official who investigates bankruptcies in the UK. PTI AK GRS GRS GRS