The firm’s CEO and director Pragnesh Modhwadia has been charged alongside co-director Shyam Mistry and chief financial officer Muhammad Ali with two counts of fraud by abuse of position. They are alleged to have misused client funds and exposed thousands of the firm’s clients to losses.  

Modhwadia and Mistry are also charged, alongside the firm’s chief technology officer Rupesh Karawadra and vice president of IT Jayesh Anjaria, with conspiring to conceal, destroy or dispose of documents relevant to a Solicitors Regulation Authority (SRA) investigation into the firm. All five are also charged with conspiring to mislead the SRA using false documents.  

Axiom Ince was closed by the SRA on 3 October 2023 after forensic accountants discovered that £66m in client funds was missing from bank accounts with Barclays and State Bank of India, while financial records were incomplete.