Essex court convicts lettings boss Ghanshyam Sarup Batra for fraud after he emptied Dylan Lettings Worldwide Limited bank accounts leaving creditors unpaid

An Essex-based lettings entrepreneur who once announced ambitions to run for Mayor of London has been sentenced after defrauding his own company, leaving creditors with nothing.

Ghanshyam Sarup Batra, also known as Shyam Batra, illegally transferred more than £100,000 from Dylan Lettings Worldwide Limited into his personal bank account in May 2017 — less than an hour after a receiver had been appointed to take control of the company.

How the Fraud Unfolded

Dylan Lettings Worldwide Limited managed four London “aparthotels,” providing self-catering apartments alongside typical hotel services.

Batra, who owned the properties either personally or via trusts, served as the company’s sole director.

By May 2017, Batra faced multiple mortgage calls and was ordered by a court to pay £6.5 million by 23 May.

When he failed to meet this obligation, a Law of Property Act (LPA) receiver took control of Dylan Lettings Worldwide Limited and its assets.

Within 45 minutes, Batra began moving funds into his personal account, transferring £50,000 on the first day and a further £55,690 over the next three days, leaving only £3.48 in the business account.

Court Case and Conviction

Batra pleaded that he believed he was entitled to the money, but the jury at the Old Bailey dismissed this claim.

Following a six-day trial, he was unanimously found guilty of one count of fraud in anticipation of winding-up under the Insolvency Act 1986.

On 17 February, he was sentenced to 12 months in prison, suspended for 18 months.

He remains banned from acting as a company director until March 2028, having already been disqualified for seven years in 2021 after the Insolvency Service’s initial investigation.

Attempted Political Ambitions

Before his conviction, Batra announced plans to stand as an independent candidate in the 2024 London Mayoral election.

However, he did not appear on the ballot and ultimately failed to secure a nomination.

Insolvency Service Response

Chris Wood, Chief Investigator at the Insolvency Service, said:

“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.”

Company Liquidation and Bankruptcy

Dylan Lettings Worldwide Limited entered liquidation in October 2017 and was dissolved in October 2019.

The insolvency practitioner reported that no assets were recovered and no dividends were paid to creditors.

Batra was declared bankrupt in January 2025.

While bankruptcy restrictions typically end after 12 months, his discharge was suspended indefinitely due to a failure to cooperate with the Official Receiver, the government-appointed official overseeing bankruptcies.

Legal and Regulatory Implications

The Insolvency Service is now seeking confiscation of funds from Batra under the Proceeds of Crime Act 2002.

His case highlights the importance of oversight for directors and the consequences of misappropriating company funds.

Dylan Lettings Worldwide Limited had existed solely to manage properties; it did not own any real estate during the time of the fraud.

Batra’s actions deprived creditors entirely of repayments owed to them, emphasizing the seriousness of director misconduct.

What’s Next?

The Insolvency Service will continue its pursuit of Batra for recovery of the misappropriated funds.

Meanwhile, the case acts as a reminder for company directors to adhere strictly to their legal duties, particularly when a business faces receivership or insolvency.

Regulators are expected to keep monitoring disqualified directors to prevent similar fraud in the future.

Summary

Ghanshyam Sarup Batra, an Essex lettings boss and failed London mayoral hopeful, was found guilty of fraud after transferring more than £100,000 from his company Dylan Lettings Worldwide Limited to his personal account within hours of a receiver taking control.

The Old Bailey jury dismissed his claims of entitlement to the money.

Batra received a 12-month suspended prison sentence, remains banned from being a company director until 2028, and is an undischarged bankrupt.

Dylan Lettings entered liquidation with no assets recovered, leaving creditors uncompensated.

The Insolvency Service continues to pursue confiscation of the stolen funds and warns that director misconduct will be rigorously prosecuted.