SINGAPORE: A Thai woman who lived decadently after starting a business reselling luxury watches and bags with her Singaporean husband continued charging customers for expensive goods despite running into financial woes and knowing she could not deliver on the items. When hundreds of police reports involving millions of dollars began stacking up against them, Pansuk Siriwipa and her husband Pi Jiapeng hid in a lorry container and left Singapore. They were later arrested in Malaysia and taken back to Singapore to face the music, with the amounts across Pansuk's fraudulent trading charges spanning over S$25 million.
On Tuesday (Oct 29), she was sentenced to 14 years' jail. She had pleaded guilty to 30 charges including fraudulent trading and cheating, with another 150 charges taken into consideration. THE CASE Pansuk and Pi, who got married in September 2020, started a business called Tradenation, selling luxury watches in Singapore, in May 2021.
They opened a second company, Tradeluxury, around January 2022, to sell luxury bags. Pansuk was the main decision-maker for both companies, communicating with customers, sourcing for suppliers and arranging for goods deliveries. Both companies would primarily resell luxury watches or bags on a pre-order basis, offering prices that were 10 to 20 per cent lower than local resellers by getting goods from cheaper overseas suppliers.
From the end of 2021 to the start of 2022, Tradenation began to be plagued with sourcing difficulties due to .
