Axiom Ince: Police Raid 9 Homes

What’s Happening in the Axiom Ince Saga?

This is the big question on everyone’s lips. This case of Axiom Ince, Pragnesh Modhawadi and the missing 66 million pounds just keeps getting more and more unbelievable.

According to Roll On Friday, the Serious Fraud Office (SFO) took strong action on Tuesday 17th November 2023, when a team of  80 SFO and Metropolitan police officers carried out dawn raids on nine properties across the south of England.

66 Million pounds was stolen from the client account of British law firm Axiom Ince and Pragnesh Modhwadia the founder of Axiom is the prime suspect. 

Seven people were taken for questioning in connection with the missing millions. 

However, although Prag is the main suspect, in what appears to be a massive fraud, he has not been detained.

This has shocked many people given the brutally frank admission he made in earlier court proceedings for a freezing order. In an application for a freezing order to freeze all money in the Axiom client account, Prag signed an affidavit confessing that he had used the missing millions!

Timur Rustem representing Prag confirmed that he was not among the seven arrested, although his residence was searched. 

Axiom Ince was put into administration in October 2023 after the Solicitors Regulation Authority (SRA) took action and shut it down. This put 1,400 employees’ jobs on the line and left clients and creditors in the lurch. 

Adding insult to injury: All solicitors across the UK will now have to pay more money to the SRA for their practising certificates. The SRA will need to increase this fee as they are obliged to pay out compensation to cover the cost of the missing money.

SRA Under fire: Many have questioned the involvement of the SRA in this matter. It is suggested they should have acted sooner and dug deeper. There is a lot of speculation about this on the grapevine. People are asking if they knew or ought to have known about the irregularities. 

Read more about Axiom Ince in these articles.

Axiom Ince – the Missing Millions

Vocabulary Expansion

Detained

Brutally frank admission

On the line

In the lurch

Adding insult to injury

On the grapevine

This is great vocabulary for any lawyer to use. Understand what these words and phrases mean by checking out the free lesson. To access free courses and material just sign into my online Course Host 

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