Singaporean husband jailed over $25M luxury goods scam with Thai wife

The State Courts sentenced Pi Jiapeng, 30, on Oct. 14 for his role in a scheme that collected millions in pre-orders for designer watches and handbags that were never delivered. He pleaded guilty to three charges, including money laundering and fraudulent trading, The Straits Times reported.

His wife and accomplice, Thai national Pansuk Siriwipa, 29, had earlier been sentenced to 14 years in prison in October 2024 after being found to be the mastermind behind the elaborate operation, CNA reported.

In 2021, Pi and Pansuk set up Tradenation, a company that promised customers luxury watches at prices up to 20% lower than local resellers. A second firm, Tradeluxury, followed in early 2022, targeting customers seeking branded handbags.

Customers were told to pay in full before delivery, a key feature that prosecutors later described as the backbone of the fraud. By mid-2022, both companies were drowning in debt after failing to source enough stock from overseas suppliers. Yet the couple continued to take orders and collect payments, using the money to fund their lavish lifestyle.

Prosecutors said Pi drew a monthly salary of S$40,000 from Tradenation and another S$12,000 from Tradeluxury, despite the companies operating at a loss. His wife even gifted him a Chevrolet Corvette, paying a S$170,000 down payment, while he already owned several luxury cars, including a Porsche Macan.

The couple also used customer payments to purchase a S$2-million house in Bangkok, registered under Pansuk’s mother’s name. Deputy Public Prosecutor David Koh told the court Pi had reason to believe the businesses were being run like a Ponzi scheme, yet chose to continue drawing his salary while victims lost millions.

As police reports mounted, Pi was arrested and released on bail, while his wife was assisting with investigations. Days later, they vanished. Investigators later learned that the couple had fled Singapore in the container of a truck, with the help of two Malaysian accomplices.

Their disappearance sparked an Interpol red notice and a regional manhunt. The pair were eventually tracked down by Thai authorities at a hotel in Johor Bahru and arrested on Aug. 11, 2022, before being extradited to Singapore that same night.

The prosecution sought a sentence of up to 6.5 years, arguing that Pi had a duty as company director to ensure the firms were run responsibly. Pi had reason to believe the companies were being operated like a Ponzi scheme, but allowed them to continue for an extended period of time, said DPP Koh.

Defense lawyer Tan Jun Yin countered that Pi’s role was minor, describing him as little more than "a deliveryman and bank transfer assistant" for his wife, who masterminded the fraud. Pi has made no restitution to victims.