Five Former Executives of Axiom Charged in £60 Million Fraud Case

Five senior executives of the now-defunct law firm Axiom have been charged with fraud, forgery, and alleged destruction of documents in connection with the firm’s collapse in October 2023. The case centers around the misuse of £60 million ($75 million) in client funds, which left thousands of clients facing significant financial losses.

The Solicitors Regulation Authority (SRA) had shut down Axiom Ince following concerns over serious financial irregularities. The firm, which operated in key UK cities such as London, Manchester, and Birmingham, also left hundreds of employees without jobs when it ceased operations.

On Friday, the Serious Fraud Office (SFO) announced charges against Axiom Ince’s chief executive, Pragnesh Modhwadia, co-director Shyam Mistry, and chief financial officer Muhammad Ali. The three executives have been charged with two counts of fraud by abuse of position for allegedly misusing client funds and causing extensive financial harm to thousands of clients.

In addition to the charges of fraud, Modhwadia and Mistry, along with chief technology officer Rupesh Karawadra and vice president of IT Jayesh Anjaria, face allegations of conspiring to conceal or destroy documents during the SRA’s investigation into the firm. The SFO has also accused all five individuals of providing falsified documents in an attempt to mislead the regulatory authority.

The defendants are due to appear for a preliminary hearing at Westminster Magistrates Court on January 15.

SFO director Nick Ephgrave addressed the gravity of the case, stating: “The collapse of Axiom Ince left thousands of clients exposed to significant losses and hundreds of people out of a job. Today’s charges represent a significant milestone in our effort to bring those responsible to justice.”

Axiom Ince was founded in May 2023 following the acquisition of the troubled Ince Group by Axiom DWFM. The Ince Group, which had been established as far back as 1870, faced financial struggles before the acquisition. Other law firms that continue to operate under the Ince name remain unaffiliated with Axiom Ince.

By fLEXI tEAM