SINGAPORE – In a case that has left many astonished, Thai national Pansuk Siriwipa has been sentenced to 14 years in jail for masterminding a luxury goods scam that cheated almost 200 victims out of over S$25 million. The sentencing on 29 October 2024 comes after she pleaded guilty to 30 charges, including cheating and fraudulent trading.
The Luxury Farce
Pansuk, 30, along with her husband Pi Jiapeng, 29, created a facade of elegance through their companies Tradenation and Tradeluxury. They began their ventures in May 2021, selling luxury watches and bags at prices under those of local resellers. However, behind the glamour was a grim reality—trouble sourcing goods and mounting debts.
- Financial Troubles: By March 2022, the companies held liabilities of over S$9.3 million while having only S$350,000 in assets.
- Increasing Complaints: Between May and August 2022, 187 police reports poured in against their businesses.
- High Living: Even as the companies spiralled, Pansuk paid herself $10,000 monthly and spent customer funds on luxury items, including a S$2.4 million house.
The Great Escape
As complaints became overwhelming, the couple attempted to flee Singapore. On 4 July 2022, they hid in a lorry’s container, which ultimately led them to Malaysia. However, their escape was short-lived as they were apprehended shortly after.
Consequences and Justice
In court, Deputy Public Prosecutor David Koh described the operation as akin to a Ponzi scheme—a labyrinth of deceit where new customers’ payments were used to pacify older ones. Pansuk’s defence argued for a lighter sentence due to her remorse; however, the judge deemed the actions too severe to go lightly.
While Pansuk received her sentence, Pi Jiapeng’s legal troubles continue, with his case still pending. This case serves as a stark reminder of the risks associated with online luxury shopping, and the need for vigilance.