Tradenation luxury goods scam: Tradeluxury director charged with money laundering
Thai authorities provisionally seized several properties in June, with Singapore’s Commercial Affairs Department helping victims consolidate claims for their potential recovery.
Singapore police seized properties in June following a multimillion-dollar luxury goods scam involving two companies, Tradeluxury and Tradenation. The Singapore Police Force (SPF) alleges the director of Tradeluxury, Singaporean Yap Lee Peng Somchai, laundered money and failed to exercise reasonable diligence in her duties as a company director.
Somchai, who was also an authorized signatory of Tradeluxury's bank account, faces charges related to transferring property believed to be from criminal conduct. The couple, along with their Thai national partner, Pansuk Siriwipa, were previously convicted and jailed for their roles in the scam. By February 2022, Somchai was aware that the companies couldn't fulfill orders due to insufficient funds, yet she continued taking pre-orders, ultimately defrauding more than 166 customers of over S$12 million.
The couple fled Singapore via a lorry container compartment in Malaysia in August 2022 and was arrested by the Singapore Police Force.
Written by urgent.news from CNA - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
