A convicted fraudster who aspired to become Mayor of London has been sentenced after leaving creditors virtually penniless by emptying his company's bank account of more than £100,000. Ghanshyam Sarup Batra, also known as Shyam Batra, drained Dylan Lettings Worldwide Limited, where he served as director, over a four-day period in 2017, leaving creditors with a mere £3.48.
Political Ambitions and Criminal Conviction
Batra had previously announced his intention to stand as an independent candidate in the 2024 London Mayoral elections, promising to 'change London for the better.' However, he failed to appear on the ballot. On Tuesday, at the Old Bailey, he was sentenced to 12 months in prison, suspended for 18 months, after a jury unanimously found him guilty of fraud.
Details of the Fraudulent Transfers
The 63-year-old, from Sedge Hill, Roydon, in Essex, pleaded his innocence, accepting he removed the funds but claiming he believed he was entitled to withdraw the money. The fraud occurred shortly after a court ordered Batra to pay over £6.5 million to settle personal debts by May 23, 2017. When he failed to make the payments, a Law of Property Act Receiver was appointed, transferring ownership of Dylan Lettings Worldwide Limited and its assets, including bank accounts, to the receiver.
Just 45 minutes later, Batra transferred £50,000—the maximum amount he thought he could withdraw in one day—from the company's business account to his personal account. The following day, he moved an additional £49,000. Over four days, he fraudulently transferred a total of £105,690, leaving only £3.48 in the company's account.
Company Background and Aftermath
Dylan Lettings Worldwide Limited, incorporated in May 2010 with Batra as sole director, managed four 'Aparthotels' in London. The properties were owned in leasehold by Batra personally or through trusts benefiting him, but the company did not own any properties; it existed solely to manage the day-to-day operations of the hotels.
The company entered liquidation in October 2017 and was dissolved in October 2019. The insolvency practitioner reported that no assets were realised and no dividends were paid to creditors. Batra was declared bankrupt in January 2025, and his discharge was suspended indefinitely due to his failure to cooperate with the official receiver.
Regulatory Actions and Public Statements
Batra remains banned as a company director until March 2028, having been disqualified for seven years in 2021 following initial Insolvency Service investigations. The Insolvency Service is now seeking confiscation of funds under the Proceeds of Crime Act 2002.
Despite his conviction, Batra's LinkedIn profile describes him as a 'keen disciple for tenacity and integrity' and claims he conducted over £100 million in business. In a post from two years ago, he shared a link to his campaign website for the 2024 London Mayoral election, reiterating his promise to improve the city.
Official Response and Warning
Chris Wood, chief investigator at the Insolvency Service, stated: 'Ghanshyam Sarup Batra knew exactly what he was doing when he emptied the company's bank account. 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.'
The case highlights the severe consequences of financial misconduct, particularly for individuals in positions of trust, and underscores the Insolvency Service's commitment to holding fraudsters accountable.
