Five former executives at collapsed firm Axiom Ince appeared before Westminster Magistrates' Court today to face charges including fraud and forgery.
The firm’s former CEO and director Pragnesh Modhwadia, 41, appeared 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, before district judge Michael Snow.
The five spoke only to confirm their names, give their dates of birth and confirm that they understood the charges against them.
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 the short hearing, the judge moved the case to Southwark Crown Court where the five defendants, who have all been given conditional bail, will appear next month.
The court heard that the total amount taken out of client funds was more than £60m.
Axiom Ince was closed by the SRA in October 2023. The firm had offices in Birmingham, Bristol, Cardiff, Leeds, Liverpool, London and Manchester.
