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

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

THE Straits Times said Pansuk Siriwipa, 30, today admitted 30 of 180 charges relating to a scam of more than S$12 million from 166 victims.

She will be sentenced on October 29, and 150 additional charges are being considered, the report added.

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

His lawyer, Johannes Hadi, argued for a shorter sentence, between 12 years and eight months and 13 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 customer orders, the couple diverted the funds for personal use.

The scam financed 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 Coupe and a Porsche Macan.

The problems began when Pansuk, which initially sourced Thai products at competitive prices, struggled to find inventory in late 2021. With costs rising from local suppliers, the company began to lose money. ‘money.

According to Deputy Prosecutor David Koh, as of March 2022, Tradenation was operating in a fraudulent manner, collecting payments despite knowing it could not fulfill orders.

Between March and June of the same year, Pansuk accepted orders for luxury watches totaling over S$24.7 million.

As of the end of March 2022, Tradenation and Tradeluxury had accumulated liabilities exceeding S$9.3 million, with assets valued at just S$350,000.

Pansuk, however, continued to accept payments for orders, turning the businesses into what DPP Koh described as a “Ponzi scheme”, reliant on new customers to cover existing debts.

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

A customer sent a Rolex watch worth S$105,000 to Tradenation, which was then sold for S$72,000 without the customer’s consent.

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

A total of 187 police reports were filed, leading to an investigation into this scam.

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

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

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

Pi’s case remains pending.