AUCKLAND, New Zealand — A former financial adviser has been sentenced after pleading guilty to orchestrating a large-scale insurance fraud that netted $775,000 in illegal commissions.
Harish Puri, an Auckland-based adviser who provided guidance on health, life, trauma, disability, and income protection insurance, was found to have submitted 41 fraudulent insurance policy applications between 2021 and 2023. According to the Financial Markets Authority (FMA), Puri manipulated genuine client information or used unrelated individuals’ details to fabricate new policyholders across two online insurer portals.
The scheme allowed Puri to collect significant upfront commissions from insurers before his actions were detected.
The fraudulent activity came to light in March 2023, when insurers filed a complaint with the FMA and New Zealand Police. Following a joint investigation, the FMA passed its findings to law enforcement. Puri was charged in March 2024 with two counts of obtaining by deception. He pleaded guilty and was sentenced in February 2025.
FMA Head of Financial Advice, Romil Ghelani, condemned Puri’s actions, stating they were “nothing short of unacceptable” and undermined the integrity of the financial advice sector.
“When we see this type of behaviour, the FMA will respond swiftly and decisively to hold individuals to account and promote the integrity of the financial advice sector,” Ghelani said. He also expressed gratitude to the insurers for reporting the misconduct and to New Zealand Police for their efforts in advancing the investigation.
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