Millionaire Nicholas Hoogstraten was accused of lying about his relationship with murder victim Mohammed Raja.

The tycoon was being cross-examined on his third day in the witness box by Crown prosecution David Waters QC.

Hoogstraten is accused of hiring two hitmen to murder the 62-year-old landlord in July 1999.

The Old Bailey jury heard about a series of property dealings in Brighton and Hove between the pair, which caused "problems" for Hoogstraten.

Hoogstraten said Mr Raja had borrowed money from both him and somebody else on the same day to purchase a property.

Mr Waters revealed in police interviews in November 1999 Hoogstraten said: "It was a clever scam. He was defrauding the two of us at the same time."

However, in the witness box, Hoogstraten insisted he bore no grudge over the matter.

Hoogstraten said: "With this and all the other issues involved, I have had a chance to put everything into perspective more.

"Mohammed Raja was in a no-win situation in 1992-3. He was doing a lot of things, probably out of desperation."

Mr Waters said: "You are just lying, aren't you Mr Hoogstraten? This is another example of you being keen to pull the wool over the jury's eyes that you had no ill feelings at all toward Mr Raja. The fact is you did, didn't you?"

Hoogstraten, 57, of High Cross Estate, Framfield, near Uckfield, denies murder and conspiracy to murder.

David Croke, 59, of Bolney Road, Moulsecoomb, Brighton, and Robert Knapp, 53, of Convent Street, Abbeyfeale, Co Limerick, deny murder.

The trial continues.