Solicitors regulator sanctioned over £60m Beatties probe
The Solicitors Regulation Authority (SRA) has been reprimanded for its handling of a £60 million fraud probe allegedly involving former Beatties owner Pragnesh Modhwadia.
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Modhwadia, who bought Wolverhampton's famous department store building in 2019, is awaiting trial relating to the alleged theft of £60 million from clients at his legal firm Axiom Ince.
The money was alleged to have gone missing from client accounts, and the regulator has been censured over its processes in relation to the case.
The Legal Services Board (LSB) issued 'binding directions' on the regulator following an independent review by Northern Ireland firm Carson McDowell.
