Five former members of national firm Axiom Ince have been charged by the Serious Fraud Office with offences including fraud, forgery and the destruction of documents relating to the collapse of the firm and the alleged misuse of client money.
Former chief executive and director Pragnesh Modhwadia, co-director Shyam Mistry and chief financial officer Muhammed Ali are charged with two counts of fraud by abuse of position.
Modhwadia and Mistry and also charged, along with the 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 investigation.
All five are charged with conspiring to mislead the SRA using false documents.
Axiom Ince was closed by the SRA in October last year. The firm had offices in Birmingham, Bristol, Cardiff, Leeds, Liverpool, London and Manchester.
The charges follow a 15-month investigation by the 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.’
All defendants are expected to appear at Westminster Magistrates’ Court on 15 January to answer the charges against them.
