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CEO of collapsed law firm Axiom Ince charged with fraud

Pragnesh Modhwadia

Pragnesh Modhwadia, the firm’s CEO, faces two counts of fraud by abuse of position. (Photo: X/@P_Modhwadia)

The Serious Fraud Office (SFO) has charged the CEO of the collapsed law firm Axiom Ince with fraud, accusing him of the improper use of over £60 million in client funds.

Pragnesh Modhwadia, the firm’s CEO, faces two counts of fraud by abuse of position.


He is charged alongside co-director Shyam Mistry and chief financial officer Muhammad Ali, according to the SFO.

Modhwadia and Mistry are also accused of conspiring to conceal, destroy, or dispose of documents linked to a Solicitors Regulation Authority (SRA) investigation.

The SFO said these charges include chief technology officer Rupesh Karawadra and vice president of IT Jayesh Anjaria.

All five individuals face additional charges of conspiring to mislead the SRA using false documents.

They are scheduled to appear at London’s Westminster Magistrates’ Court on 15 January.

"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 is unrelated to US legal services provider Axiom Law, collapsed in October 2023.

(With inputs from Reuters)

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