Law firm Axiom Ince on brink of ‘collapse’
The law firm’s managing director Pragnesh Modhwadia has been suspended on the suspicion of “dishonesty”
Pragnesh Modhwadia (Image credit: LinkedIn)
AXIOM INCE is set to collapse into administration following allegations of fraud at the law firm, media reports have said.
It filed an application “to give notice of an intention to appoint an administrator”, the Law Society Gazette said, citing a court notice published on Monday (2).
Axiom’s website has remained down, giving credence to the expectations that it is heading for a closure.
Met Police officers last week opened an investigation into Axiom after a referral from the Solicitors Regulation Authority (SRA) which noticed a £64 million hole in the firm’s client account.
Axiom’s managing director Pragnesh Modhwadia has been suspended on the suspicion of “dishonesty”. The regulator also suspended the firm’s two other partners – Shyam Mistry and Idnan Liaqat – who had allegedly failed to comply with statutory rules on keeping solicitors’ accounts.
But Mistry moved the High Court, challenging his suspension.
“We are aware of a report made by the Solicitors Regulation Authority,” Scotland Yard said in a statement last week, adding that detectives from its Specialist Crime Command “have launched an investigation and enquiries are ongoing.”
Exodus continued from Axiom and media reports on Monday evening said its last remaining employees were exiting.
Axiom could not be reached for comment.