The insolvency of Market Financial Solutions (MFS) is projected to cost over £50m amid fraud allegations. Alix Partners, the administrator, is investigating claims that £1.3bn of a £2.3bn loan book is missing. Other firms, including Grant Thornton and Teneo, are involved in the complex case. MFS fell into administration in February after a High Court judge ordered an investigation into fraud claims. Alix Partners found evidence of serious financial mismanagement, including potential “double pledging” of loans. Paresh Raja, MFS’s founder, is subject to a £1.3bn asset freeze and travel ban.
