The Serious Fraud Office has arrested seven people in dawn raids as it launches a criminal investigation into the suspected theft of £66m of client money from collapsed law firm Axiom Ince.
Modhwadia is accused of doctoring a letter from the State Bank of India so it falsely showed that it was holding a £57m sum missing from the firm's Barclays client account. He is alleged to have given the forged letter to Pinsent Masons, which he had instructed to represent Axiom Ince in the SRA investigation, and Pinsents dutifully passed the letter to the regulator.
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