Sentenced to three years nine months imprisonment for money laundering, Suren Sharma laundered $1.8 million over a twelve month period, money paid online by investment scam victims, shifting his activities from bank to bank after warnings the transactions appeared to be fraudulent.
The District Court dismissed his claim to be an innocent bystander, merely acting as a conduit for a supposedly legitimate bitcoin investment scheme.
A common pattern for all twelve victims saw Sharma transfer their funds deposited into his bank accounts across to his son’s bank account in Australia, retaining a ten per cent commission; this commission then filtered through multiple bank accounts he controlled, with some withdrawn in cash at Sky City casino in Auckland.
This took place through 2022-2023.
The largest sum lost by any one victim was one million dollars, money supposedly invested through an entity called Worldinitiative AG Alliance.
Another victim, investing $100,000 through an entity called Argus International, had a private investigator chase up where his money had gone. Mr Sharma, pressed to explain how the money came to pass through a bank account he controlled, produced a forged document supposedly signed by the victim giving Sharma authority to deal with the money.
The District Court was told of Sharma switching to a BNZ account after being warned by Westpac of suspected fraudulent activity in respect of funds passing through his Westpac account.
When BNZ closed Sharma’s account on suspicion of fraudulent activity, he switched to ASB, then ANZ, then turned full circle and reactivated use of his Westpac account.
Four banks warned him of suspicious transactions passing through his bank accounts. At best, his behaviour was grossly reckless, Judge Bell ruled.
The court was told Sharma was a Justice of the Peace at time of offending, having in the past sat as a judge in court hearing minor offences.
Now aged 74, he holds qualifications in accountancy and filed client tax returns with Inland Revenue as a tax agent.
The court was told the High Court found Sharma liable in 2011 for acting fraudulently in breach of Companies Act director duties.
No reduction in sentence was made for Sharma’s offer to pay reparations at twenty dollars per week. Full reimbursement for victims would take over 1600 years.
R. v. Sharma – District Court (29.01.26)
26.068