SINGAPORE — The multimillion-dollar Tradenation and Tradeluxury luxury goods scandal has taken another turn, with a former Tradeluxury director charged in Singapore over an alleged S$35,000 transfer linked to criminal proceeds.
Yap Lee Peng Somchai, a 30-year-old Singapore citizen, appeared in court on 21 August 2026, facing one charge under Singapore’s Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act for allegedly transferring property despite having reasonable grounds to believe it represented benefits from criminal conduct.
She also faces a separate charge under the Companies Act for allegedly failing to exercise reasonable diligence in carrying out her duties as a director. The Singapore Police Force said Somchai was a director of Tradeluxury, an online reseller of luxury bags, and was also an authorised signatory of the company’s bank account.
Importantly, the allegations against Somchai have not been proven in court.
Alleged S$35,000 transfer
According to court documents cited by The Straits Times, Somchai allegedly transferred S$35,000 from Tradeluxury’s bank account to another person’s account on 30 May 2022. The money was allegedly linked to Pansuk Siriwipa, the main decision-maker behind Tradenation and Tradeluxury. Somchai is also accused of failing to properly supervise Tradeluxury’s affairs.
Her case is scheduled to be mentioned again in court on 18 September 2026.
How the luxury goods scheme unfolded
The case dates back to 2021 and 2022, when Pansuk and her Singaporean husband, Pi Jiapeng, operated two businesses selling luxury goods.
Tradenation, launched in 2021, focused on luxury watches, while Tradeluxury was subsequently established to sell luxury handbags. The businesses primarily operated through a pre-order model, requiring customers to pay in full before the goods were sourced and delivered.
The companies attracted customers partly by offering luxury watches and bags at prices generally 10% to 20% below those of other local resellers.
However, investigators later found that the businesses were suffering serious financial problems.
By February 2022, Pansuk knew the companies were struggling to fulfil orders because of insufficient funds, according to the Singapore Police Force. Despite this, she continued accepting new orders and payments.
Investigators found that money from newer orders was used to obtain goods for earlier customers. By the end of March 2022, the companies’ liabilities had reached nearly S$9 million, according to police.
Between March and June 2022, Tradenation collected almost S$24.8 million for orders that ultimately went unfulfilled, while Tradeluxury collected nearly S$947,000 for unfulfilled orders.
187 police reports filed
The scandal eventually triggered a major police investigation.
Between May and August 2022, police received 187 reports against Tradenation and Tradeluxury from customers who alleged that they had paid in full for luxury watches and bags but never received the goods.
Earlier court proceedings established that 166 Tradenation customers were cheated of more than S$12 million in connection with orders for luxury watches.
The case also involved allegations that customer funds were diverted to other purposes. Court proceedings previously revealed that money linked to the scheme was used for significant personal expenses, including a S$58,000 private-jet flight and the purchase of a Chevrolet Corvette registered in Pi’s name.
Couple fled Singapore in a lorry container
The case became even more dramatic when Pansuk and Pi disappeared while investigations were under way.
The couple fled Singapore in July 2022 by hiding in the container compartment of a Malaysia-registered lorry travelling through Tuas Checkpoint. They were subsequently arrested in Malaysia and handed over to Singapore authorities in August 2022.
Their eventual convictions brought further developments.
Pansuk, identified by police as the main decision-maker behind both companies, was sentenced to 14 years’ imprisonment in October 2024 after pleading guilty to multiple offences, with additional offences taken into consideration.
Pi, a director of both companies, was later sentenced to five years and 10 months’ imprisonment in October 2025 for offences including fraudulent trading, criminal breach of trust and money laundering-related offences.
Thai properties provisionally seized
The latest development is not limited to the new charge against Somchai.
The Singapore Police Force said that, following extensive cooperation between Singapore’s Commercial Affairs Department (CAD) and Thai authorities, several properties in Thailand were provisionally seized by Thailand’s Anti-Money Laundering Office in June 2026.
Singapore authorities are now helping consolidate victims’ claims in an effort to facilitate possible recovery of the seized assets.
However, police stressed that any recovery remains subject to Thai laws and legal processes. Victims who had previously lodged police reports have been contacted by CAD.
A case that is still unfolding
The latest charge against Somchai adds another layer to one of Singapore’s most closely watched luxury-goods fraud cases.
While Pansuk and Pi have already been convicted and sentenced, Somchai’s case remains before the courts. Her alleged role, the S$35,000 transfer and the question of whether additional assets can ultimately be recovered will now form part of the continuing legal process.
For the victims, however, the biggest question may be whether the assets identified overseas can eventually be recovered — and how much of the money lost in the luxury goods scheme can ultimately be returned.
The case is ongoing, and Somchai is presumed innocent unless proven guilty in court.
Leave a Reply