Axiom Ince
The SFO launched an investigation into suspected fraud at the collapsed law firm Axiom Ince in 2023.
The law firm Axiom DWFM expanded through the purchase of the corporate and commercial law firm Ince Group in April 2023, and in July 2023, as Axiom Ince, acquired the struggling insurance law firm Plexus LLP. Axiom Ince ceased trading in October 2023, after the SRA intervened when approximately £66 million of client money was found to be misappropriated from its client account.
On 14th November 2023, the SFO arrested seven individuals and carried out search operations across nine sites in order to seize potential evidence and carry out the questioning of the suspects.
On Thursday 19th and Friday 20th December, the SFO charged five individuals over the collapse of the firm with offences including fraud, conspiracy to use false instruments and conspiracy to conceal, destroy or otherwise dispose of documents.
Pragnesh Modhwadia, Shyam Mistry, Muhammad Ali, Rupesh Karawadra and Jayesh Anjaria will appear before Westminster Magistrates’ Court in January 2025 to hear the charges against them.
Case timeline
20 Dec 2024 – SFO announces charges against Pragnesh Modhwadia, Shyam Mistry, Muhammad Ali, Rupesh Karawadra and Jayesh Anjaria. More information here.
14 Nov 2023 – SFO investigation announced. SFO arrested seven individuals and carried out searches across nine sites. Serious Fraud Office launches investigation into suspected fraud at Axiom Ince with nine raids and seven arrests. See more information here.
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