He was first charged in 2021 but can finally be identified after a judge rejected Sharma’s suppression motion, ruling that the public had a right to know the identities of those accused of laundering the proceeds of the scam.

The Fijian-born professional is accused of receiving $400,000 from Michalick last February, which the luxury launch captain believed was being invested in a low risk HSBC term deposit.

Instead, the stolen money allegedly went to a Kiwibank account under Sharma’s company name, Green Solar 24 Ltd.

A day after landing in the account, police allege the $200,000 was used to pay contractors working on Sharma’s luxury home or was deposited into other bank accounts controlled by Sharma.

It is alleged that $50,000 was also used to pay her daughter’s school fees at the prestigious Diocesan School for Girls.

Sharma is also charged with money laundering in connection with losses of more than $200,000 related to a separate victim.

Disappointed attorney loses suppression battle

The former lawyer was disbarred in 2015 after falsifying financial documents to secure a mortgage on a commercial property.

He fought to keep his name secret ahead of a trial next year. If convicted, he faces up to seven years in prison.

An affidavit he filed in support of the suppression claimed his company was involved in several multi-million dollar renewable energy deals involving both local iwi and international investors. Sharma argued that publishing his name would torpedo those projects and leave him without income.

Although Sharma has pleaded not guilty to the charges, he indicated earlier this year that he was prepared to pay damages of between $180,000 and $220,000 to cover the plaintiffs’ unrecovered losses to settle his criminal case.

He argued that publishing his name would destroy the chances of him making those substantial compensation payments.

He also claimed his mental health was at risk, claiming he was suffering nightmares about being identified and his reputation tarnished and had now been referred for counselling.

His lawyer, Nicholas Mani, argued that the nature of the charges Sharma faced was more “reckless” than intentional and that allowing his name to be published in connection with the money laundering case would cause extreme hardship.

The suppression appeal was heard this week in the High Court in Auckland before Mr Justice Geoffrey Venning. The Herald opposed Sharma’s application, as did the Crown.

In his ruling, Judge Venning dismissed Sharma’s appeal and refused to extend the interim suppression of the name pending an appeal to the Court of Appeal.

The decision looked at the various arguments that Sharma made in support of suppressing his name, but found a lack of “compelling evidence” and that he did not meet the necessary threshold test.

Claims that his international dealings would be at risk of publication were “speculative”, the judge ruled, with legal agreements presented as evidence of large deals apparently “entirely circumstantial”.

While it may be true that Sharma’s reputation and business could be adversely affected, Judge Venning said this was a natural consequence of being charged with serious offences.

“I also note that Mr Sharma appears to have been able to cope with the consequences of being dismissed as a solicitor and has gone on to set up other businesses.”

In any case, Sharma’s reputation “can hardly be said to be intact,” the judge said.

“In 2015, he was struck off the roll of solicitors and advocates because he was found to have misbehaved in a number of ways, including deliberately making a false statement to a bank.”

Judge Venning said potential investors considering doing business with Sharma’s company had a right to know about the charges he had faced.

“There is a public interest in knowing the identity of those accused of money laundering and, in particular, of receiving the proceeds of a scam.”

The judge also asked how Sharma planned to repay the $180,000-$220,000 in damages by February next year, saying his statement was “completely without detail”.

While Sharma suggested his alleged guilt was nothing but reckless, a similar claim was rejected by the Solicitors and Conveyancers Disciplinary Tribunal in 2015 when he was barred, the decision said.

“The number of charges and the sums involved underline the seriousness of the charge,” Judge Venning said.

“As a director of a company and with his qualifications, Mr Sharma can be expected to have a level of understanding of the law and an obligation not to engage in money laundering, whether he was reckless or not.”

The judge also “placed little weight” on Mr Sharma’s mental health claims or a letter provided from his medical practice, which was written by a nurse manager and “relies essentially on Mr Sharma’s self-report “.

The scam victim felt “burning anger” when she confronted Sharma in court

Michalick, 44, fought for justice and for Sharma to be publicly identified.

He helped spearhead a scam victims group is campaigning for better customer protection from banks and is speaking at a national anti-money laundering conference in Wellington next week.

Michalick was contacted by scammers posing as investment advisors after searching online for term deposit rates.

He sent his money into what he thought was a Kiwibank “cooling” account under his own name, but alerted the authorities after realizing he had been scammed 10 days later.

Kiwibank was able to recover about $200,000. When the money was repaid, Green Solar 24 Ltd appeared on Michalick’s bank statement. He googled it to find that the only director was Sharma, whose career downfall had been reported by the media in 2015.

He is shocked that Sharma allegedly used an account to launder stolen money without being detected by Kiwibank’s fraud security systems.

“The fact that it has operated for so long without any oversight from the bank makes me sick to my stomach.”

Kiwibank has defended its security systems and anti-money laundering processes as robust, but declined to comment further while the case is before the courts.

Michalick handed police a file with information about Sharma, but it took months before charges were laid. Complaints to the Banking Ombudsman and the Reserve Bank were dismissed.

He was in court to prosecute Sharma in September, saying he felt disgust and “burning anger” at the accused money mule.

“I cannot describe my hatred for that person. He is the lowest of the low.”

Michalick said the past 21 months have been traumatic.

“This has ruined my life.”

The Herald revealed Michalick’s story in an investigation last year. He remained anonymous at the time, worried about the impact it would have on his personal and professional life.

But he decided to go public because of frustrations over the accountability of the banking sector, the ability of criminals to target Kiwis through the country’s flawed payments system with impunity and what he describes as “thin” and ineffective. Banking Ombudsman scheme leaving some victims without hope.

He felt that the financial regulatory system was completely deficient, with victims being left to bear the blame.

“They allow customers to operate without any controls or restrictions on their banking, and they can’t call anyone to account.”

Lane Nichols is Deputy Director of News and Senior Journalist for the New Zealand Herald with over 20 years experience in the industry.

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