Axiom Ince: £64m Missing from Client Accounts in Largest-Ever SRA Intervention
The SRA’s largest-ever intervention followed the discovery that approximately £64 million was missing from Axiom Ince client accounts. Sole owner Pragnesh Modhwadia allegedly used client funds for property development and firm acquisitions using falsified bank statements. Three directors were suspended, the Serious Fraud Office launched a criminal investigation (conducting searches across nine sites, arresting seven individuals), and over 1,400 staff lost their jobs. Compensation fund claims exceeded £33 million. Sources SRA: Axiom Ince intervention information Law Fuel: The Downfall of Axiom Ince and the £66m Fraud Scandal Law Society: Independent review finds SRA handling of Axiom Ince inadequate
