SINGAPORE, Oct 21 — A Thai woman at the centre 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 that 30-year-old Pansuk Siriwipa admitted today to 30 of 180 charges related to defrauding 166 victims of over S$12 million.
She will be sentenced on October 29, with 150 additional charges being considered, the report added.
DPP Koh called today for a jail 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 of 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 funds for personal use.
The scam funded a lavish lifestyle, including a house in Bangkok worth over 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.
Trouble began when Pansuk, who initially sourced goods from Thailand at competitive prices, struggled to find stock by late 2021. With rising costs from local suppliers, the business began losing money.
According to Deputy Public Prosecutor David Koh, by March 2022, Tradenation was operating fraudulently, collecting payments despite knowing it could not fulfil orders.
Between March and June that year, Pansuk accepted orders for luxury watches totalling over S$24.7 million.
By the end of March 2022, Tradenation and Tradeluxury had racked up 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 realised their orders were not being fulfilled.
One customer consigned 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 part of the money to settle Pi’s credit card bills and car loans, while misleading the customer about the sale.
A total of 187 police reports were filed, prompting investigations into the scam.
The couple fled Singapore in July 2022, with help from two Malaysian men. They were smuggled out in a lorry’s container and managed to evade authorities for over a month.
The Malaysians involved were sentenced to one year in jail for their role in aiding the escape.
In August 2022, Thai police tipped off the Singapore Police Force that the couple were staying at a hotel in Johor Baru. The pair were arrested the following day and brought back to Singapore.
Pi’s case remains pending.
