Published by Global Banking & Finance Review®
Posted on December 20, 2024
2 min readLast updated: January 27, 2026
Add as preferred source on Google
Axiom Ince's CEO and executives face fraud charges over misuse of client funds, following the law firm's collapse. Court proceedings begin January 15.
LONDON (Reuters) - Britain's Serious Fraud Office on Friday charged the CEO of collapsed law firm Axiom Ince with fraud over the alleged improper use of more than 60 million pounds ($75.02 million) of client money.
Pragnesh Modhwadia was charged with two counts of fraud by abuse of position, alongside co-director Shyam Mistry and chief financial officer Muhammad Ali, the SFO said.
The agency said Modhwadia and Mistry had also been charged with conspiring to conceal, destroy or dispose of documents relevant to a Solicitors Regulation Authority (SRA) investigation, alongside chief technology officer Rupesh Karawadra and vice president of IT Jayesh Anjaria.
All five are also charged with conspiring to mislead the SRA using false documents. They are due to appear at London's Westminster Magistrates' Court on Jan. 15.
"The collapse of Axiom Ince left thousands of clients exposed to significant losses and hundreds of people out of a job," SFO director Nick Ephgrave said in a statement.
"The SFO set out to identify and bring those responsible to justice and today's charging is a significant milestone in achieving that."
Axiom Ince, which has no connection to U.S. legal services provider Axiom Law, collapsed in October 2023.
($1 = 0.7997 pounds)
(Reporting by Muvija M and Sam Tobin; editing by William James)
The article discusses fraud charges against Axiom Ince's CEO and executives following the law firm's collapse in the UK.
CEO Pragnesh Modhwadia, co-director Shyam Mistry, CFO Muhammad Ali, CTO Rupesh Karawadra, and VP of IT Jayesh Anjaria are charged.
Charges include fraud by abuse of position and conspiring to conceal documents relevant to an SRA investigation.
Explore more articles in the Finance category
