Former Beatties owner in court on £60 million fraud charge - here's when his trial begins
The former owner of the Beatties building in Wolverhampton has appeared in court charged in relation to an alleged £60 million fraud.
Watch more of our videos on ShotsTV.com
and on Freeview 262 or Freely 565
Pragnesh Modhwadia, who was sole director of SSYS Beatties Ltd which collapsed in 2023, appeared at Southwark Crown Court.
But the 41-year-old will not face trial until February 2027 after being granted bail.
Modhwadia is one of five former executives of the now defunct law firm Axiom Ince, which also crashed in 2023 after more than £60 million allegedly went missing from client accounts.
Modhwadia was chief executive and a director of the law firm. Appearing alongside him in the dock was 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.
Ali, 42, denied two counts of fraud and a third count of conspiracy to use false instruments. The remaining four defendants did not enter pleas.
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 Solicitor's Regulatory Authority using false documents.
At a plea and trial preparation hearing, Her Honour Judge Hales KC listed the trial for February 15, 2027.
The trial is estimated to take eight-10 weeks. The next hearing will be at Southwark Crown Court at the end of April, at which Modhwadia, Mistry, Karawadra, and Anjaria are required to attend.
All five have been released on conditional bail.
A previous court hearing has been told that a total of more than £60m was taken out of client funds at Axiom Ince, which was closed by the SRA in October 2023.
SSYS Beatties bought the former department store building from House of Fraser five years ago for £3 million, and announced plans to turn it into more than 300 apartments.
Work began on the scheme, but ground to a halt, and the company was placed into receivership. In March last year the building was bought by the Eden Group for £6 million. Director Hiten Raghwani said work on the redevelopment will re-commence in the summer, after amended plans were approved by Wolverhampton Council.
House of Fraser moved to smaller premises in the Mander Centre, opening the renamed Frasers store in spring 2021.
