Five men, including the CEO of the now-defunct law firm Axiom Ince, are facing serious criminal charges in a £60 million client money scandal that sent shockwaves through the legal community.
The charges from the SFO follow a 15-month investigation after the SRA closed the firm in October 2023 soon after it had made the high profile purchases of shipping firm Ince and then national insurance practice Plexus out of administration.
At the heart of this story is Pragnesh Modhwadia, the firm’s chief executive, who along with his inner circle allegedly orchestrated what prosecutors are calling a massive fraud.
The firm had offices dotting Britain’s major cities – London, Manchester, Birmingham, Bristol – and suddenly imploded, leaving thousands of clients potentially losing their money and hundreds of employees jobless.
The cast of characters includes co-director Shyam Mistry and CFO Muhammad Ali, who alongside Modhwadia, are accused of abusing their positions of trust.
The tech guys, Rupesh Karawadra and Jayesh Anjaria, allegedly joined in what prosecutors say was a desperate attempt to cover their tracks, destroying documents and creating false ones to throw investigators off the scent.
The Serious Fraud Office, Britain’s elite fraud-busting squad, moved with unprecedented speed, bringing charges in just 15 months – a record time for such a complex case. All five men are now scheduled for their day in court at Westminster Magistrates’ Court on January 15, 2025.
SFO director Nick Ephgrave said: “The collapse of Axiom Ince left thousands of clients exposed to significant losses and hundreds of people out of a job. The SFO set out to identify and bring those responsible to justice, and today’s charging is a significant milestone in achieving that.
This isn’t just another corporate collapse – it’s the death of a legacy. Axiom Ince was born from the ashes of Ince & Co, a prestigious maritime law firm dating back to 1870. Now, instead of celebrating their rich history, five of its leaders are facing the prospect of trading their corner offices for courthouse appearances and an uncertain future – at best.
