Singaporean involved in $32m luxury goods scam with Thai wife jailed for more than 5 years
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A Singaporean man who helped his Thai wife run a multi-million-dollar luxury goods scam was sentenced to a jail term of five years and 10 months.Pi Jiapeng, 30, pleaded guilty to three charges for fraudulent trading, breaching his duties as a director and monSingaporean involved in $32m luxury goods scam with Thai wife jailed for more than 5 years
A Singaporean man who helped his Thai wife run a multi-million-dollar luxury goods scam was sentenced to a jail term of five years and 10 months.Pi Jiapeng, 30, pleaded guilty to three charges for fraudulent trading, breaching his duties as a director and money laundering on Tuesday (Oct 14).According to the police, another four charges were also taken into consideration in his sentencing.Pi and his wife, Pansuk Siriwipa, 30, were arrested in August 2022 after fleeing the country during police investigations.They made the headlines in 2022 as the couple involved in the $32 million luxury goods scam.The couple started two businesses, Tradenation and Tradeluxury, operating primarily as re-sellers of luxury watches and bags on a pre-order basis, offering the goods for sale online.The luxury goods were sold at fixed prices around 10 to 20 per cent lower than other local resellers, and customers were required to make full payment when placing their order.According to the police, Pi was the sole director of both companies. Read more
