$32m luxury goods scam: Police seize over $200k from couple; victims worry about no restitution made

SINGAPORE – For three years, Ali (not his real name) was hoping he would get back the $800,000 he transferred to convicted cheats Pansuk Siriwipa and her husband, Pi Jiapeng.

Ali, who is in his 20s, had used up a bulk of his life savings to purchase over 40 Rolex watches in 2022, intending to resell most of them, but he never received the goods.

He had trusted the married couple, who

and ran two companies, Tradenation and Tradeluxury, selling luxury watches and bags.

for their involvement in the $32 million luxury goods scam, after taking off with their customers’ money without fulfilling orders. Over 180 police reports were lodged by 178 victims.

More than three years since the crimes came to light, Pi, 30, was

on Oct 14.

in October 2024 for being the mastermind in the scheme.

The Straits Times spoke to four victims, whose names have been changed to protect their privacy.

Ali, a business owner, had ordered Rolexes including a GMT-Master II worth $30,000 and a Submariner worth $22,000, from the couple.

He said: “It has been three years and I still don’t know if I can get back any amount. The money was supposed to be used for emergency expenses and other investments.

“In the end, things were so bad I had to sell my car and other watches.”

In a statement to ST on Oct 17, the police said they seized cash and money in bank accounts amounting to over $200,000.

The police also seized over 80 pieces of jewellery, luxury bags, luxury watches, accessories and ornaments.

“The seized assets will be dealt with in accordance with the law,” said the police.

When asked about a house in Bangkok worth over $2 million that Pansuk bought in her mother’s name using customers’ money, the police said they are engaging the Thai authorities to seek their assistance on this matter.

Items the couple owned and flaunted included bags from Hermes and limited edition watches from Richard Mille and Patek Philippe.

Pi also owned four cars – a Toyota Alphard, a McLaren Coupe, a Porsche Macan and a Chevrolet Corvette.

Pansuk had used customers’ funds for the down payment for the Chevrolet Corvette as a gift to Pi, who believed there was only one such car in Singapore and wanted to be the only one who had it.

Max, who is in his 50s, is hoping to get back the $280,000 he paid for two Rolexes and a Patek Philippe.

, Max, who works in manufacturing, said he could barely sleep, and was afraid to tell his spouse about the case.

On Oct 15, Max said: “I’ve finally told my wife and even though we both feel terrible, we’re trying to put what happened behind us. But it’s hard to find closure because it’s just so much money.”

Max said he and several other victims are considering engaging a lawyer to demand restitution.

“The lesson learnt for me is not to trust so easily. I still buy watches, but I will no longer place a deposit to pre-order something, and I am careful to check the sellers’ credibility before purchasing anything,” he said.

Dave, 47, had saved up for years to buy two Rolexes for $69,500.

“It is hard-earned money. I just hope to get my money back. Three years have gone by, and I’m nowhere close to getting closure,” he said.

Cheryl, 42, who works in aesthetics, paid $23,500 for a Rolex for her brother.

She said: “Some victims like myself saved up for years just to buy something nice, and it ended like this. I feel really frustrated and hope something can be done.”

May 2021: Pansuk and Pi start Tradenation to sell luxury watches.

January 2022: After Tradenation’s success, they start Tradeluxury to sell luxury bags.

Early June 2022: Customers notice delays in receiving their goods.

June 27, 2022: Pi is arrested over unfulfilled orders. His passport is impounded, and gets released on bail the next day.

June 30, 2022: Pansuk’s passport is impounded.

July 4, 2022: The couple flee Singapore for Malaysia in a container compartment of a lorry.

July 2022: Warrants of arrest and Interpol red notices are issued against them.

Aug 10, 2022: Royal Thai Police inform Singapore police the couple might be staying at a hotel in Johor Bahru.

Aug 11, 2022: Royal Malaysia Police arrest them in Johor Bahru, handing them to Singapore authorities that day.

Aug 12, 2022: Pi and Pansuk are charged.

September 2022:

are each sentenced to a year’s jail.

Oct 29, 2024: Pansuk is sentenced to 14 years’ jail for various offences including cheating and money laundering.

Oct 14, 2025: Pi is jailed for five years and 10 months after admitting to fraudulent trading and money laundering.