A trial of alleged fraud at collapsed firm Axiom Ince has been listed for February 2027.
Five former executives appeared at Southwark Crown Court this morning. They face a number of charges including fraud and forgery. In their first appearance at the Crown court, the firm’s former chief executive and director Pragnesh Modhwadia, 41, appeared before Her Honour Judge Hales KC alongside co-director Shyam Mistry, 35, chief financial officer Muhammad Ali, 42, chief technology officer Rupesh Karawadra, 40, and vice president of IT Jayesh Anjaria, 46.
Ali, 42, denied two counts of fraud and a third count of conspiracy to use false instruments. The remaining four defendants did not enter pleas.
Solicitors Modhwadia and Mistry are charged with two counts of fraud by abuse of position. They are also charged, alongside Karawadra and Anjaria, with conspiring to conceal, destroy or dispose of documents relevant to a Solicitors Regulation Authority investigation into the firm.
All five men are also charged with conspiring to mislead the SRA using false documents.
In today’s plea and trial preparation hearing, the judge listed the trial for 15 February 2027. The court heard a ‘rough and ready’ trial estimate is 8-10 weeks. The next hearing will be at Southwark Crown Court at the end of April, at which Modhwadia, Mistry, Karawadra, and Anjaria are required to attend.
All five have been released on conditional bail.
A previous court hearing has been told that a total of more than £60m was taken out of client funds at Axiom Ince, which was closed by the SRA in October 2023.
The firm had offices in Birmingham, Bristol, Cardiff, Leeds, Liverpool, London and Manchester.
