Her victims thought they paid for luxury bags, but she delivered no merchandise. With the money she received, she lived it up, and travelled in style

More than a year after she and her husband were caught in Johor Bahru, Thai national Siriwipa Pansuk (ศิริวิภา พันสุข) pleaded guilty to 30 charges of the 180 handed to her by the court. These involved more than the cheating she and her China-born, Singaporean spouse Pi Jiapeng (皮佳鹏), aka Kevin) were on the run for. They include misappropriating luxury goods and, unexpectedly, money laundering. The other 150 charges will be taken into consideration during sentencing next week. In all, 166 victims here were cheated of more than S$12 million. She is believed to have scammed others in her native Thailand. Ms Pansuk is, according to investigations here, the mastermind of the schemes she hatched and the enterprises she started here. Mr Pi faces nine charges; his case is still pending.

Especially eyebrow-raising was what she did with the money she took off her victims. It appears she had no intention to honour the transactions she made with them. Apart from the 60 million baht (or approximately S$2.3 million) house she bought in Bangkok in 2022 that we shared last July (now said to be for her mother, a vegetable seller), Ms Pansuk, sometimes known to her victims as “Ann”, reportedly travelled on a private jet to holiday in Bangkok that cost her S$58,000, money again taken from her supposed businesses, according to CNA. That would have allowed her to fly business class on Singapore Airlines at least 40 times. Reports from Thai media, revealed that the house was sold some time in April or May of 2022. It is not known what became of the money from the sale. Or if Ms Pansuk made a profit from it and reinvested in her businesses here. As with her business model, she probably needed the money to roll.

Apart from the 60 million baht (or approximately S$2.3 million) house she bought in Bangkok, Ms Pansuk reportedly travelled on a private jet to holiday in Bangkok that cost her S$58,000 in

The court also heard of other lavishes. She bought three cars for her husband—a McLaren Coupe and a Porsche Macan, and a Toyota Alphard. On top of that, a Chevrolet Corvette was on the way as a S$140,000 downpayment was made for it. All the motor vehicles were registered to Mr Pi, who was formerly a shoe salesman. Why the couple, who met through the dating app Tinder, needed that many cars was not made known. Or if Ms Pansuk herself drive. Speculation was that they had to show they were wealthy—or successful—to their victims in order to win their trust. And flashy cars were the ultimate symbols of wealth for two individuals who came from far humbler beginnings. Little is known about Mr Pi or his early life in 福建 (Fujian), but investigations by a current affairs program of Thailand’s Amarin TV, revealed that the Pansuk family “never enjoyed a rich life”, according to villagers who knew them.

When the two companies, Tradenation and Tradeluxury—through which the couple operated—were set up in 2021, they paid themselves handsomely. According to CNA, Mr Pi “received a salary of S$40,000 a month from Tradenation between December 2021 and May 2022, and a salary of S$12,000 a month from Tradeluxury between March 2022 and May 2022.” That totaled S$52,000 per month. Concurrently, Ms Pansuk paid herself S$10,000 a month from Tradenation from January to June 2022. How those figures to their salaries came about was not clear. Nor do we know if it was Ms Pansuk who paid Mr Pi. Tradenation was a retailer of luxury watches, while Tradeluxury offered handbags. Both companies operated through re-selling luxury watches and bags that customers pre-ordered. Once payment was made—mostly in full, the two then procured the items from overseas for the purchasers. But, as it’s now known, for the most part, the merchandise was not delivered to those who have paid for them.

Pi Jiapeng and wife Siriwipa Pansuk during happier times, seen here with an Hermès Birkin. Photo: klvnjp123_/Instagram

The court was told that their businesses had not fared well from the end of 2011. They incurred a loss around S$9 million. By February of the following year, the deputy public prosecutor said that both companies were in “dire financial straits”, and were saddled with “net liabilities of more than S$1.78 million”. It is not clear how aware the couple was of the magnitude of the financial mess they were in at the time. Still, Ms Pansuk, the apparent face and go-to of the business, did not stop taking pre-orders until June 2022, rounding up the number of those she cheated to 166 victims, involving more than S$12 million of undeliverable goods. Very quickly, those who paid for the items but received nothing started to rumble. Ms Pansuk, for her part, remained uncontactable. Between May 2022 and August 2022, the police received 187 reports and complaints against Tradenation and Tradeluxury.

The prosecution elaborated: “By her actions, the accused has caused staggering losses of S$12 million in the cheating charges alone. When the fraudulent trading charges are considered that amount is more than S$25 million across both companies—one of the largest scams perpetrated against multiple victims in recent memory.” The couple’s passports were impounded following police investigations into the case, but both managed to abscond to Malaysia. They were arrested after hiding in Johor Bahru for five weeks. According to her lawyer, Ms Pansuk facilitated the couple’s arrest. Apparently, she “informed the individual who had assisted her in escaping that she would surrender, (and asked) that he contact the Royal Thai police.” Back in July 2022, a Malaysian driver Mohamed Alias was charged with assisting the couple’s escape from Singapore. It is not clear why he should contact the Thai police instead of our local police. Ms Pansuk supposedly “then waited outside a hotel in Malaysia for the police to arrive and place her under arrest.” She may not have considered her scams to be criminal, she did, as it were, see what was inevitable. Siriwipa Pansuk faces the prospect of 14 to 15 years in jail.

Update (29 October 2024, 03:30): Siriwipa Pansuk was sentenced to 14 years’ jail this morning. Her jail term was backdated by the judge to August 2022, when she was remanded

Photo illustration (top): Just So