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Thor Magnusson

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Review of the Modulr, Payments:

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Fraud, Failed Gag Order, Criminal Complaint Filed

I work for a humanitarian charity that lost EUR 149,000 through fraud involving a Modulr Finance account. When our organisation began documenting the case publicly, Modulr's response was not to help recover the stolen funds — it was to attempt a gag order through the Icelandic courts to silence us. The gag order was refused. Modulr then sued the charity. A 14-page criminal complaint has since been filed with the Serious Fraud Office, the Financial Conduct Authority, and the National Crime Agency requesting arrest of Modulr's directors and revocation of their licence. Search Google for "Modulr Finance investigation" to read the full evidence file including Modulr's own KYC documents. Reviewed on: 17th April 2026

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