The Singaporean man involved in the 2022 multi-million-dollar luxury goods scam with his Thai wife allegedly collected over S$24 million in payments for luxury watch orders.

Allegedly collected S$24,782,798 in payments

Between Mar. 1, 2022 and Jun. 19, 2022, Pi allegedly took orders for luxury watches via his company Tradenation, CNA and The Straits Times reported.

Pi and his wife, 28-year-old Thai national Siriwipa Pansuk, owned Tradenation and Tradeluxury.

He allegedly collected S$24,782,798 in payments from customers despite knowing that Tradenation did not have "any reasonable expectation of fulfilling these orders given its financial condition".

For this, Pi was handed one count of fraudulent trading on Oct. 5, 2023.

Allegedly resulted in company's fraudulent business

He was also handed another charge on the same day for allegedly failing to exercise diligence while discharging his duties as the director of Tradeluxury.

He allegedly failed to supervise Tradeluxury's affairs between Mar. 9, 2022, and May 3, 2022 and thus, resulted in the company carrying on its business for a "fraudulent purpose".

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

Pre-trial conference Oct. 11, 2023

His pre-trial conference has been scheduled on Oct. 11, 2023.

If convicted of fraudulent trading, he may be jailed up to 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.

Background

Pi and his wife, Siriwipa, supposedly specialised in procuring luxury goods for other people.

They allegedly became uncontactable in June 2022 after collecting over S$32 million in payments.

This prompted multiple police reports lodged against the couple.

Pi was arrested on Jun. 27, 2022 for his suspected involvement in the cheating offences.

He was released on bail on Jun. 28, after his passport was impounded as the investigation was pending completion.

Siriwipa, who was not arrested but assisted the police with investigations, surrendered her passport on Jun. 30.

However, the couple became uncontactable shortly after.

It was later revealed that the couple had left Singapore and entered Malaysia via Tuas Checkpoint on Jul. 4 by hiding in a lorry's container compartment.

They were arrested in Johor Bahru, Malaysia and handed over to the Singaporean authorities on Aug. 11.

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Top image courtesy of Singapore Police Force and Mothership reader