Axiom Ince, the acquirer of U.K. law firms Ince & Co and Plexus Law, is reportedly intending to cease operations by the end of the week. The termination of the firm follows serious allegations of financial misconduct against its previous managing partner and owner, Pragnesh Modhwadia.
Over the past summer, Axiom Ince acquired a freezing order for £57,522,510 against Modhwadia, along with a preservation order for a minimum of £64,584,904.60. This sum is allegedly misappropriated from Axiom’s client account since May 2021.
The firm’s decision to shut down comes in the aftermath of a court case in which Modhwadia was accused of misappropriating substantial sums of money from his firm. The ultimate implications of the scandal for the legal scene in the U.K. remains to be seen.