A disgraced JP who played a key role in a sophisticated $1.8 million international scam has offered to repay his “tortured” victims $20 a week – for the next 1635 years. 

IRD tax agent and convicted money launderer Suren Sharma now has the dubious honour of becoming what’s believed to be the country’s first “money mule” sent to prison. 

The 74-year-old Karaka pensioner earned $100,000 in commission for receiving the 12 victims’ stolen money into his accounts then moving it offshore over the course of one year. 

It’s emerged he spent tens of thousands of dollars at SkyCity and sent many large payments to his son in Australia. 

But he claims he is now destitute and that imprisonment is akin to a “life sentence” because of his ill health. 

While about $1.79m of the laundered funds remains outstanding, Sharma’s lawyer said his client could only afford to pay a weekly reparation of $20. 

Judge Debra Bell said this would take 1635 years to repay, which she dismissed as “simply unrealistic”. 

“You were a person of significant standing in the community because of your occupation and your role as a JP. You were in a position of great responsibility. 

“Your actions have breached the wider trust of the public. Your motivation was solely financial.” 

‘Cold, calculating thief’ 

Emotional victim impact statements read at a sentencing hearing on Thursday described the enormous impact of Sharma’s offending on those who lost their life savings to someone they branded a “cold, calculating thief”. 

All thought they were investing in secure term deposits or government-backed bonds after being cold-called by scammers posing as portfolio managers. But most lost everything they had. 

One man said he was haunted after losing $1m which he and his wife had saved for their entire lives. They had been forced to sell their house because of the financial impact, and he now suffered feelings of intense anguish, guilt and shame. 

“Being swindled out of my retirement savings has literally been a nightmare of torture and torment, something that I hope others do not have to experience. 

“We are hurt and humiliated, while Suren Sharma is enjoying the benefit of our lifetime of hard work.” 

Deepak Udhani lost $100,000 in the scam. The Banking Ombudsman declined his bid for compensation. Photo / Jason Oxenham 

Auckland businessman Deepak Udhani said his health had suffered due to anxiety and stress after losing $100,000 to Sharma. His business had collapsed because of a lack of capital. 

He felt shame and embarrassment, and his family had also been deeply affected. 

Udhani said he’d lost faith in financial institutions and was now fearful when using internet banking in case he fell victim to another scam. 

“The consequences continue to unfold, and I live each day in fear and uncertainty, unsure if I will ever recover.” 

Another man, who lost $75,000, said the devastating impact of losing his financial security had caused him to relapse into alcohol addiction, putting a strain on his marriage. 

“It hurts more than anything that I was taken in by a conman. 

“I’m depressed and feel the sooner I leave this world the better, so I may as well drink myself to death.” 

Blinded by ego 

Four of Sharma’s victims watched from the public gallery this week as he sat in the dock at the Auckland District Court, supported by his wife. 

It emerged he had written a letter of remorse, which Judge Bell dismissed as not genuine and “all about yourself”. 

It claimed he was also the victim of “unscrupulous scammers” and that his innocent family had suffered “this indignation” since his 2024 arrest. 

He lamented how his professional reputation was now “completely tarnished”. 

“I feel like I’m living in a never-ending nightmare.” 

Sharma questioned how he could have been so stupid and recognised he should have paid closer attention to the scheme. 

“You stated that ego blinded you to what was going on,” Judge Bell said in a scathing assessment of Sharma’s offending, which she found was at the extreme level of recklessness. 

The court heard that between November 2022 and October 2023, Sharma received huge money transfers into his accounts, which he later told police were from legitimate clients with signed contracts who wanted to invest in Bitcoin. 

South Auckland JP Suren Sharma admitted laundering $1.8 million deposited into his bank accounts by 12 investment scam victims. 

But it also emerged that three different banks provided multiple warnings to the experienced accountant about his suspicious transaction activity, in some cases closing his account to prevent further transfers. 

Rather than heed these warnings, Sharma “just switched banks” and continued his offending using different accounts. 

Defence lawyer Charle Megala said Sharma was but a “cog in the machine”, arguing his client was not party to the scam and had never had any direct contact with the victims. 

Megala said Sharma would suffer in prison because of his myriad health conditions, which a letter from his GP claimed could not be properly managed in custody. 

Auckland JP Suren Sharma leaves the Auckland District Court after pleading guilty to money laundering in September 2025. Photo / Sylvie Whinray 

But Judge Bell said Sharma played a crucial role in the operation by allowing his accounts to be used to launder stolen funds. 

The huge quantum and extended duration of his offending, combined with the sophisticated use of a complex network of accounts to receive and distribute the money - despite multiple warnings from banks - were aggravating factors, the judge said. 

“I’m satisfied you exhibited a level of recklessness at the highest level of the scale. 

“You were trusted by the wider community and would have been seen to have ethical standards and not to act unlawfully. 

“Your remorse is not genuine. The letter you’ve written to me and to the victims is simply all about yourself.” 

She said no one in the court who listened to the victim statements could have been unmoved after hearing details of the awful effects of Sharma’s crimes. 

His actions had damaged families and relationships, caused untold financial harm, and undermined people’s confidence in their own judgment, financial agencies and payment systems. 

“They feel shame, anger, anxiety, embarrassment and self-blame.” 

The judge then spoke directly to the victims seated at the rear of the court. 

“I understand how you feel. None of this is your fault. You should not be blaming yourself in any way.” 

Judge queries what assets Sharma has to repay victims 

Turning to the sentencing, Judge Bell set a starting point of four years and seven months’ imprisonment. 

She then granted him a small 5% discount for his guilty plea, which she noted came just a week before his trial was due to start. 

She allowed another 5% for his previous good character, despite Sharma having offended while a respected JP. 

A further two months were deducted for restrictive bail curfew conditions he’d been subject to since his arrest. 

This resulted in a final sentence of three years and nine months in jail. 

The judge noted that the victims wanted Sharma to pay reparation towards their losses, and queried whether Sharma had any assets or properties that could be realised. 

Karaka accountant Suren Sharma has been sentenced to three years and nine months in jail after pleading guilty to money laundering charges. 

Megala said his client had no income and “no meaningful” reparation was available. 

Crown prosecutor Pip McNabb said while police were sceptical about Sharma’s claims of poverty, they had been unable to link any properties to him. 

“All the inquiries that could be done have been made. Police have had to rely on his word in terms of what he’s told probation.” 

The judge replied: “Not what the victims wanted to hear.” 

As to Sharma’s status as a JP, the Ministry of Justice wrote to Sharma when he was charged, advising that they would monitor the case and provide advice to the Associate Justice Minister at the conclusion. 

“We will now take that step and ask the minister to consider what next steps should be taken.” 

Victims believe Sharma stashed crime proceeds to avoid reparation 

Before his arrest, Sharma was caught in a secret recording telling a private investigator his BNZ bank account had been frozen because of “suspicious activity”. 

But he claimed he did not know the money landing in his account was stolen and insisted he was not a party to any fraud. 

“I don’t have the money,” Sharma told the investigator. 

“I can, in all honesty and sincerity, explain to you that I am not involved.” 

He fought to keep his name secret for 16 months, arguing he was “duped” by the criminal enterprise, and that his reputation and accountancy business would both be destroyed if he was identified. 

But a judge ruled the public’s right to know his identity trumped his desire for anonymity and suppression lapsed last year. 

He had always maintained his innocence before pleading guilty to a representative money laundering charge in September just days out from his trial. 

Sharma’s victims believe he’d stashed the proceeds of his crimes and was lying about his financial situation. 

Lane Nichols is Auckland desk editor for the New Zealand Herald with more than 20 years’ experience in the industry.