(As reported in The Straits Times, 15 October 2025)
A Singaporean man, Pi Jiapeng, was sentenced to five years and ten months’ imprisonment for his role in a $32 million luxury goods scam, one of the largest cases of its kind in Singapore. His wife, Thai national Pansuk Siriwipa, who masterminded the operation, had earlier been sentenced to 14 years in jail.
The couple, who gained notoriety in 2022 after defrauding hundreds of customers, led a lavish lifestyle funded by money collected for luxury products that were never delivered.
Lavish Living Behind a Fraudulent Facade
Between May and August 2022, 187 police reports were filed against Pi and Pansuk after customers failed to receive luxury watches and handbags they had fully paid for.
The pair operated two companies — Tradenation (selling watches) and Tradeluxury (selling designer bags) — promising discounts of up to 20 per cent compared to local resellers. Buyers paid upfront in full, trusting the couple to source goods from overseas suppliers.
However, both companies were financially insolvent by early 2022, with more than $1.8 million in unfulfilled orders. Despite knowing this, the couple continued accepting payments, effectively running what prosecutors described as a Ponzi-style scheme to maintain their extravagant lifestyle.
Money, Cars and Extravagance
Deputy Public Prosecutor David Koh told the court that Pi and Pansuk used customer funds to sustain their opulent lifestyle — including buying luxury cars and property.
Even when the companies were losing money, Pi drew a monthly salary of $40,000 from Tradenation and $12,000 from Tradeluxury.
In one instance, Pansuk gifted Pi a Chevrolet Corvette worth over $170,000, despite already owning several vehicles including a Porsche Macan. The couple also purchased a $2 million house in Bangkok under Pansuk’s mother’s name.
Prosecution and Defence Arguments
The prosecution sought a jail term of 5½ to 6½ years, arguing that Pi, as company director, had a fiduciary duty to run the businesses responsibly. DPP Koh stated:
“He had reason to believe the companies were being operated like a Ponzi scheme but allowed them to continue, causing substantial losses to customers.”
In contrast, defence lawyer Tan Jun Yin urged for leniency, asking for a five years and four months’ sentence, claiming that Pi played a secondary role to his wife:
“He acted merely as a transfer assistant and deliveryman, following instructions. Pansuk could have operated without him, but not the other way around.”
No restitution was made to victims.
Escape and Arrest
After being arrested and released on bail in June 2022, Pi fled Singapore with Pansuk in the container compartment of a lorry on July 4, 2022. Their escape prompted Interpol red notices and warrants of arrest.
The couple were eventually captured in Johor Bahru on August 11, 2022, after a joint operation involving Singapore and Thai authorities.
Two Malaysians who assisted their escape were each jailed for one year.
Judgment and Aftermath
District Judge noted Pi’s culpability as a company director, saying he had knowingly allowed the scam to continue while enriching himself.
Pansuk, who played the leading role in the deception, received a 14-year sentence in October 2024, reflecting her greater responsibility in orchestrating the fraud.
The case serves as a strong warning against white-collar crime, illustrating how digital transactions and overseas sourcing can mask large-scale fraud until it devastates hundreds of victims.
