- Businessman who aimed for London Mayor race convicted in UK fraud case.
- More than £100,000 transferred from company account over four days.
- Director ban remains until March 2028.
An Indian-origin lettings boss who once aimed to run for London Mayor has been found guilty in a UK fraud case linked to the collapse of his property management business. Ghanshyam Sarup Batra, also known as Shyam Batra, was convicted after more than £100,000 was transferred from his company’s account to his personal account as the firm headed towards insolvency.
The UK Insolvency Service said the transfers happened shortly after control of the business passed to a court-appointed receiver, leaving creditors with nothing. Batra had announced plans to stand as an independent candidate in the 2024 London mayoral election but was not nominated.
Mayoral ambition to court conviction
A court heard that the 63-year-old moved £105,690 from Dylan Lettings Worldwide Limited to his personal account over a four-day period in 2017. The company managed four London “aparthotels”, offering serviced apartments with hotel-style facilities, but did not own the properties.
According to the Insolvency Service, Batra had been ordered to repay debts exceeding £6.5 million after several mortgage lenders called in loans. When he failed to settle the amount, a Law of Property Act Receiver took control of the company and its assets.
Within about 45 minutes of losing control, Batra reportedly transferred £50,000 to himself, followed by another £49,000 the next day. By the end of the transfers, only £3.48 remained in the company account, according to investigators.
Chris Wood, Chief Investigator at the Insolvency Service, reportedly said, as quoted in a news report, that Batra “knew exactly what he was doing” and described the actions as deliberate, adding that the case should act as a warning to anyone trying to cheat creditors.
Defence rejected by jury
Batra accepted he withdrew the money but argued he believed he was entitled to it. That claim was rejected, and a jury at the Old Bailey unanimously found him guilty of one count of fraud in anticipation of winding-up under the Insolvency Act 1986 after a six-day trial.
On February 18, he was sentenced to 12 months in prison, suspended for 18 months. Authorities are also seeking confiscation of funds under the Proceeds of Crime Act 2002.
Batra has been banned from acting as a company director until March 2028 following a seven-year disqualification imposed in 2021. The company entered liquidation in October 2017 and was dissolved in October 2019, with no assets realised for creditors.
He was declared bankrupt in January 2025, and his discharge has been suspended indefinitely after he failed to cooperate with the Official Receiver, according to the Insolvency Service.
