Former Beatties owner appears in court over £60m fraud charges

Modhwadia was the sole director of SSYS Beatties Ltd, which bought the landmark department store building in Wolverhampton for £3 million in 2019. He announced ambitious plans to turn the building into 300 apartments, with retail use retained for the ground floor. But the Express & Star revealed in October 2023 that the company had been placed into receivership after defaulting on a loan. 

Modhwadia is one of five former Axiom Ince executives facing charges relating to the disappearance of more than £60 million belonging to the firm's clients.

Appearing alongside him in the dock were co-director Shyam Mistry, 35, finance director Muhammad Ali, 42, chief technology officer Rupesh Karawadra, 40, and vice president of IT Jayesh Anjaria, 46.

They spoke only to confirm their names, dates of birth and that they understood the charges against them.

Solicitor Modhwadia, who was Axiom's chief executive, and fellow solicitor 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 regulator using false documents.

District judge Michael Snow sent the case to Southwark Crown Court where the defendants will appear next month. They were granted conditional bail.

Axiom Ince, which had an office in Birmingham, was closed by the Solicitors Regulation Authority in October 2023. 

Beatties closed four years ago after parent company House of Fraser was taken over by retail tycoon Mike Ashley. The company moved to smaller premises in the Mander Centre.

Following the collapse of SSYS Beatties, the building was bought by the Middlesex-based Eden group for £6 million. Last year permission was granted for a mixed-use residential and commercial-use scheme.