Prosecutors demand 14 to 15 years in jail for one of the largest fraud cases in recent memory.
In Singapore, Thai national Pansuk Siriwipa, 30, was convicted on October 21, 2024, for her role in a $32 million luxury goods scam. Pansuk orchestrated a fraudulent scheme involving 189 victims, collecting payments for luxury watches and bags she never intended to deliver.
A Complex Web of Deceit
Pansuk, who co-owned two companies, Tradenation and Tradeluxury, pleaded guilty to 30 of the 180 charges against her, with the remaining charges considered during sentencing on October 29.
Fraudulent Operations: Tradenation, established in 2021, and Tradeluxury, launched in 2022, initially sold luxury goods sourced from Thailand at competitive prices. When sourcing became difficult, Pansuk shifted to local suppliers at higher costs, leading to financial losses.
Ponzi Scheme Emerges: By early 2022, liabilities exceeded $9.3 million, with assets valued at only $350,000. Pansuk continued to accept new orders to fund old obligations, effectively running a Ponzi scheme.
Lavish Spending Amid Financial Collapse
Despite her companies’ financial struggles, Pansuk and her husband, Pi Jiapeng, 29, lived extravagantly:
Extravagant Purchases: They spent $58,000 on a private jet flight and bought a $2.3 million home in Bangkok. Pansuk also acquired a Chevrolet Corvette, adding to Pi’s collection of luxury cars, including a McLaren Coupe and Porsche Macan.
Misuse of Funds: Pansuk used customer payments to renovate Tradenation’s store and pay off Pi’s credit card debts and car loans.
Legal Proceedings
The prosecution described Pansuk’s actions as driven by self-interest, arguing for a 14- to 15-year prison sentence. They emphasized her continued luxurious lifestyle, funded by defrauding victims.
Her defense sought a lighter sentence of 12 years and eight months to 13 years and seven months, citing her remorse and voluntary surrender to authorities.
Escape and Capture
In July 2022, Pansuk and Pi fled Singapore in a lorry’s container compartment to Malaysia. They remained on the run for over a month before being arrested in Johor Bahru.
Sentencing Awaits
The case highlights the scale of financial fraud and its impact on victims. The sentencing on October 29 will determine Pansuk’s fate as Singapore continues its crackdown on financial crimes.
