Axiom Ince executive enters further not guilty plea over document destruction charge
Muhammad Ali has pleaded not guilty to a further count of conspiracy to destroy documents in the SFO's ongoing prosecution over the collapse of Axiom Ince.
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Muhammad Ali has entered a further not guilty plea to a charge of conspiracy to conceal, destroy or otherwise dispose of documents, contrary to section 1 of the Criminal Law Act 1977, the Serious Fraud Office said in a case update published on 15 October 2026.
The plea relates to count 4 on the indictment in the SFO’s prosecution over the collapse of the law firm Axiom Ince. The case remains open, according to the SFO.
Key points
- Axiom Ince ceased trading in October 2023 after the SRA intervened when approximately £66 million of client money was found to be misappropriated from its client account.
- The SFO announced its investigation on 14 November 2023, arresting seven individuals and carrying out searches across nine sites.
- On 19 and 20 December 2024 the SFO charged five individuals, Pragnesh Modhwadia, Shyam Mistry, Muhammad Ali, Rupesh Karawadra and Jayesh Anjaria, with offences including fraud, conspiracy to use false instruments and conspiracy to conceal, destroy or otherwise dispose of documents.
- On 12 February 2025 Mr Ali entered a not guilty plea to the charges against him, while the remaining defendants did not enter pleas at that stage.
- On 30 April 2025 Mr Modhwadia, Mr Mistry, Mr Ali, Mr Karawadra and Mr Anjaria entered not guilty pleas to the charges against them.
Background to the case
The law firm Axiom DWFM expanded through the purchase of the corporate and commercial law firm Ince Group in April 2023, and in July 2023, as Axiom Ince, acquired the struggling insurance law firm Plexus LLP, according to the SFO. Axiom Ince ceased trading in October 2023 after the SRA intervened when approximately £66 million of client money was found to be misappropriated from its client account, the SFO said.
The charges and pleas
The five individuals charged by the SFO face offences including fraud, conspiracy to use false instruments and conspiracy to conceal, destroy or otherwise dispose of documents. All five had entered not guilty pleas to the charges against them by 30 April 2025. The SFO’s latest update records that Mr Ali has now entered a further not guilty plea, this time specifically to count 4 on the indictment, the charge of conspiracy to conceal, destroy or otherwise dispose of documents contrary to section 1 of the Criminal Law Act 1977.
The SFO’s case page states that the case remains open.