29-10-2024 (SINGAPORE) A 30-year-old Thai national has been sentenced to 14 years’ imprisonment for orchestrating a multi-million dollar luxury goods scam that defrauded nearly 200 victims through two Singapore-based companies.
Pansuk Siriwipa, appearing via video link, received her sentence on October 29 after pleading guilty to 30 charges, including cheating, fraudulent trading, and money laundering. An additional 150 charges were taken into consideration during sentencing.
District Judge Christopher Goh emphasised the massive scale of the fraud, which involved approximately $26 million in unfulfilled orders for luxury watches and handbags. “The sheer magnitude of funds involved cannot be overlooked,” he stated during sentencing.
The court heard how Pansuk, alongside her Singaporean husband Pi Jiapeng, 29, operated two companies – Tradenation and Tradeluxury – which initially functioned as legitimate businesses selling luxury items at competitive prices. However, by early 2022, the operation had devolved into what prosecutors described as a Ponzi scheme.
Despite facing mounting losses and over $9.3 million in unfulfilled orders by March 2022, Pansuk continued collecting payments, amassing nearly $25.8 million in additional orders through both companies. The funds were diverted to fund an extravagant lifestyle, including a $2.3 million Bangkok property, a $58,000 private jet excursion, and luxury vehicles.
Deputy Public Prosecutor David Koh revealed that while the businesses struggled, Pansuk maintained a $10,000 monthly salary and paid her husband between $40,000 and $52,000 monthly. The couple’s spending extended to a fleet of high-end vehicles and substantial store renovations using customer funds.
The scandal took a dramatic turn when Pansuk and Pi fled Singapore hidden in a lorry’s container compartment in July 2022. The Malaysian facilitators of their escape were each sentenced to one year’s imprisonment in September 2022.
Defence lawyers Johannes Hadi and Sophia Ng, who sought a lighter sentence, emphasised their client’s remorse and desire to reunite with family.
Pi faces nine charges, with his case still pending before the courts.
