Tradenation luxury goods scam: Couple accused of fraudulently collecting over S$24 million in payment

SINGAPORE: A couple accused of carrying out a multi-million-dollar luxury goods scam were handed new charges, one involving fraudulently trading a sum of more than S$24 million (US$18 million), on Thursday (Oct 5).

Singaporean Pi Jiapeng, 28, was handed a charge each of fraudulent trading and failing to exercise diligence in his duties as a director of Tradeluxury, while his wife, 28-year-old Thai national Siriwipa Pansuk, was handed 168 new charges. These comprise two charges of fraudulent trading and 166 charges of cheating. 

Both Pi and Pansuk are facing the same charge for fraudulent trading. Between Mar 1, 2022 and Jun 19, 2022, both are said to have knowingly carried on the business of Tradenation for a fraudulent purpose, which was to take orders for luxury watches.

They allegedly collected payments amounting to S$24,782,798 from customers, even though they knew Tradenation did not have "any reasonable expectation of fulfilling these orders given its financial condition", according to their charge sheets. The charge falls under the Insolvency, Restructuring and Dissolution Act 2018.

Pansuk faces an additional charge for fraudulent trading. This charge states that she took orders for luxury bags and collected payments of S$946,948 from Tradeluxury customers between Mar 9, 2022 and May 3, 2022, despite knowing that the company did not expect to fulfil these orders given its financial condition. 

Pansuk, who originally had four charges, including leaving Singapore without presenting her Thai passport, now faces 172 charges.

Pi is also accused of failing to exercise reasonable diligence while discharging his duty as a director of Tradeluxury. He allegedly failed to supervise the affairs of Tradeluxury, resulting in the company carrying on its business for a "fraudulent purpose", between Mar 9, 2022, and May 3, 2022, his charge sheet stated. 

He now faces a total of seven charges, including cheating, failing to sign a statement, and leaving Singapore without presenting his passport.

Pi and Pansuk's cases have been fixed for a pre-trial conference on Oct 11. 

The couple first made the headlines for being at the centre of a luxury goods scam involving at least S$20 million. 

After being arrested in June last year for cheating, Pi was released on bail, while Pansuk too was under investigation. However, both became uncontactable and fled Singapore via Tuas Checkpoint on Jul 4 last year. A warrant of arrest was issued against them, and both were listed on Interpol's red notice website. 

They were on the run for about five weeks before being arrested in Malaysia and handed over to Singapore police on Aug 11 last year.

After being produced in the State Courts on Aug 12 last year, Pi said it had been a mistake to flee, and that the couple had been facing death threats and pressure. 

If convicted of fraudulent trading, Pi may be jailed for up to seven years, and/or fined up to S$15,000.

If convicted of failing to exercise reasonable diligence as a director, he may be jailed up to a year, or fined up to S$5,000.