07:34 PM EDT, 08/12/2026 (MT Newswires) -- Market Financial Solutions founder Paresh Raja has launched a legal claim to prevent administrators from pursuing repayment from him, the Telegraph reported.

Lawyers at Mishcon de Reya applied to the UK High Court on Tuesday to set aside a statutory demand made by insolvency experts representing some of Raja's creditors, according to the report.

Administrators have alleged at least 1.3 billion Pounds was misappropriated from MFS and remains unaccounted for, with Raja and his wife allegedly receiving more than 408 million Pounds from funds managed by MFS to personal accounts in the UK, Monaco, Singapore, and the United Arab Emirates, the report said, adding that they deny wrongdoing.