A Thai woman who masterminded a scheme to cheat almost 200 victims in a luxury goods scam was sentenced to 14 years’ jail on Oct 29. Pansuk Siriwipa, 30, who joined court proceedings via video-link, looked down and nodded her head when the judge read out the sentence. On Oct 21, Pansuk pleaded guilty to 30 charges, including for cheating and fraudulent trading where she collected payments for luxury bags and watches amounting to over $25 million, despite knowing these orders could not be fulfilled.
She faced a total of 180 charges, with the remaining 150 charges taken into consideration during sentencing. Pansuk and her Singaporean husband Pi Jiapeng, 29, made headlines in 2022 as the couple involved in the $32 million luxury goods scam. Between May and August that year, 187 police reports were filed against their companies Tradenation and Tradeluxury for not fulfilling orders even though payments were made in full.
Pi faces nine charges. His case is pending. Pansuk and Pi got married in September 2020.
In May 2021, they started Tradenation to sell luxury watches. Less than a year later, Pansuk started Tradeluxury to sell luxury bags. Even when the companies had financial issues, she continued accepting orders and payments from customers.
Instead of fulfilling orders, Pansuk used the money for a private jet flight with Pi and their friends worth $58,000. She also bought a house worth more than $2.3 million in Bangkok and a Chevrolet Corvette registered in Pi’s name.
Pi al.