Thai Woman Receives 14 Years Jail Term for Orchestrating $32m Luxury Goods Scam

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Pansuk Siriwipa, the person responsible for the scheme involving luxury goods, has been sentenced to 14 years in prison for her participation in a massive $32 million scam. On October 21, Pansuk admitted to committing 30 offenses, which involved fraudulent activities and dishonest business practices. She gathered over $25 million in payments for designer bags and watches knowing that the items would never be delivered. In total, she had 180 charges, while the remaining 150 were taken into account for sentencing.

This situation received considerable media coverage in 2022 when Pansuk and her spouse, Pi Jiapeng, a 29-year-old from Singapore, were identified as central figures in a massive $32 million scam. According to the Straits Times, the pair’s businesses, Tradenation and Tradeluxury, faced 187 police reports from customers who had paid for products that were not sent.

Pansuk and Pi established Tradenation and Tradeluxury back in 2021 to market luxury goods, like high-end watches and handbags. Despite facing financial challenges, Pansuk continued to receive orders and payments. Instead of meeting customer demands, she misused the money by treating herself to personal luxuries such as a $58,000 private jet trip, a lavish home valued at over $2.3 million in Bangkok, and a luxurious Chevrolet Corvette under her husband’s name.

Deputy Public Prosecutor David Koh revealed how Siriwipa had severely mismanaged finances, stating that as of March 2022, the company had a large debt of over $9.3 million from uncompleted orders, far surpassing their usual assets that cost around $350,000.

After this legal challenge, Siriwipa’s lawyers, Mr. Johannes Hadi and Ms. Sophia Ng pushed for a prison sentence between 12 years and eight months to 13 years and seven months.

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