LONDON, Dec 20 — Britain’s Serious Fraud Office on Friday charged the CEO of collapsed law firm Axiom Ince with fraud over the alleged improper use of more than £60 million (RM340 million) of client money.

Pragnesh Modhwadia was charged with two counts of fraud by abuse of position, alongside co-director Shyam Mistry and chief financial officer Muhammad Ali, the SFO said.

The agency said Modhwadia and Mistry had also been charged with conspiring to conceal, destroy or dispose of documents relevant to a Solicitors Regulation Authority (SRA) investigation, alongside chief technology officer Rupesh Karawadra and vice president of IT Jayesh Anjaria.

All five are also charged with conspiring to mislead the SRA using false documents. They are due to appear at London’s Westminster Magistrates’ Court on January 15.

"The collapse of Axiom Ince left thousands of clients exposed to significant losses and hundreds of people out of a job,” SFO director Nick Ephgrave said in a statement.

"The SFO set out to identify and bring those responsible to justice and today’s charging is a significant milestone in achieving that.”

Axiom Ince, which has no connection to US legal services provider Axiom Law, collapsed in October 2023. — Reuters