SRA Issues Record £4 Million Fine Against Kingly Solicitors Owner
The SRA imposed its largest-ever fine of £3,984,440 on Nurul Miah, non-solicitor owner of Kingly Solicitors (16 branches, 220,000 files). Miah made 310 improper transfers from client accounts totalling approximately £10 million, used for loan repayments and luxury purchases including a Ferrari and Aston Martin. He was permanently disqualified from any role in a regulated firm. Sources RollOnFriday: SRA issues record fine of £4m on ex-law firm owner Solicitor News: SRA Imposes Record £4 Million Fine on Kingly Solicitors Owner
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
