Thai woman pleads guilty to RM104.8 million luxury goods scam in Singapore, faces 15 years in prison

SINGAPORE, Oct 21 – A Thai woman involved in a S$32 million (RM104.8 million) luxury goods scam has pleaded guilty to multiple charges of cheating and money laundering in Singapore.

The Street times said 30-year-old Pansuk Siriwipa today admitted to 30 of 180 charges related to defrauding 166 victims of more than S$12 million.

She will be sentenced on Oct. 29, with 150 additional charges to be considered, the report said.

DPP Koh today demanded a prison sentence of 14 to 15 years for Pansuk, describing her actions as part of a complex and deliberate fraud.

Her lawyer, Johannes Hadi, argued for a shorter sentence, from twelve years to eight months and thirteen years and seven months.

According to the facts of the case, Pansuk and her husband, Singaporean Pi Jiapeng, ran two companies, Tradenation and Tradeluxury, which sold luxury watches and bags.

However, instead of fulfilling customers’ orders, the couple diverted money for personal use.

The scam funded a lavish lifestyle, including a house in Bangkok worth more than S$2 million, a Chevrolet Corvette and even a private jet flight with friends.

Pi already owned three other luxury vehicles: a Toyota Alphard, a McLaren Coupé and a Porsche Macan.

The problems started when Pansuk, which initially bought goods from Thailand at competitive prices, struggled to find supplies in late 2021. Due to the rising costs of local suppliers, the company began to lose money.

According to Deputy Public Prosecutor David Koh, Tradenation operated fraudulently in March 2022 and collected payments despite knowing it could not execute the orders.

Between March and June that year, Pansuk accepted orders for luxury watches totaling more than S$24.7 million.

By the end of March 2022, Tradenation and Tradeluxury had accumulated debts of more than S$9.3 million, with assets worth just S$350,000.

However, Pansuk continued to accept payments for orders, turning the businesses into what DPP Koh described as a ‘Ponzi scheme’, dependent on new customers to cover existing debts.

Victims began filing complaints when they realized their orders were not being carried out.

One customer donated a Rolex watch worth S$105,000 to Tradenation, which was later sold for S$72,000 without the customer’s consent.

Instead of returning the watch or the proceeds, Pansuk used some of the money to pay Pi’s credit card bills and car loans while misleading the customer about the sale.

A total of 187 police reports have been filed, prompting investigations into the scam.

The couple fled Singapore in July 2022, with the help of two Malaysian men. They were smuggled out in a truck container and managed to evade authorities for over a month.

The Malaysians involved were sentenced to one year in prison for their role in aiding the escape.

In August 2022, Thai police tipped off Singapore police that the couple was staying at a hotel in Johor Baru. The pair were arrested the next day and returned to Singapore.

Pi’s case remains pending.