$32m luxury goods ruse: Woman charged after she allegedly handled $35k of ill-gotten gains

They had taken off with their customers’ money without fulfilling orders. More than 180 police reports were lodged by 178 victims.

Pansuk, then 31, was sentenced to 14 years’ jail in October 2024.

Pi, then 30, was jailed for five years and 10 months the following year.

In May 2021, they started a company called Tradenation to sell luxury watches.

Less than a year later, Pansuk started Tradeluxury to sell luxury bags.

Despite both companies facing financial issues, she continued accepting orders and payments from customers.

Instead of fulfilling orders, Pansuk used the money for personal expenses, such as a $58,000 private jet flight with Pi and their friends and to buy a Chevrolet Corvette registered in Pi’s name.

By the end of March 2022, the companies had cumulative liabilities of more than $9.3 million in unfulfilled orders, while their assets were worth only around $350,000.

Despite this, Pansuk continued accepting orders for luxury goods.

From March to June 2022, the total amount of payments collected was almost $24.8 million for Tradenation and nearly $947,000 for Tradeluxury. Orders were left unfulfilled.

During investigations, Pansuk and Pi fled from Singapore to Malaysia in a lorry’s container compartment in July 2022.

They were later arrested in Malaysia and returned to Singapore in August that year.