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On Tuesday, 14 Oct 2025, Pi Jiapeng was jailed 5 years 10 months for his role in the Tradenation & Tradeluxury luxury-goods scam that targeted watch & bag buyers. His wife, Pansuk Siriwipa, was earlier jailed 14 years on 29 Oct 2024.

Quick recap: For those whom are unfamiliar with the Tradenation Ponzi scheme scam, we’ve covered this in our previous post here.

Lavish Lifestyle Despite Mounting Losses

Tradenation’s modus operandi was to collect full-prepayment, below-market watches which customers could in turn resale for substantial profits. Later customers’ payments were used to fulfil earlier orders. Those who had already received their watches mistook this as proof of legitimacy and placed even larger orders. This ballooned to almost 25 million Singapore Dollars in unfulfilled orders.

Further court details revealed that as early as March 2022, Pi already knew the company was buying watches off local suppliers while making substantial losses on each watch sold. Despite this, he continued to live lavishly, making a S$176,000 deposit for a Chevrolet Corvette C8 2LT—their fourth car, alongside a Toyota Alphard, McLaren Coupe, and Porsche Macan S II PDK E6.

He continued drawing a S$52,000 monthly salary combined, while his wife drew S$10,000 per month. The couple also chartered a private jet for a holiday, and Pansuk purchased a S$2.4 million property in Bangkok for her mother. All of this was funded by victims of the Ponzi scheme.

 

Impact and Lessons for Watch Buyers

To date, no restitution has been made to any victims. The case serves as a painful reminder to collectors and investors alike:

” If it sounds too good to be true, it probably is.”

When purchasing a watch, always:

• Buy only from reputable dealers or shops

• Avoid giving full payment upfront for pre-orders

• Be cautious of prices far below market value — there’s almost always a catch

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