Tradeluxury Director Charged in Singapore With Money Laundering and Companies Act Offence
Singapore Police charged 30-year-old Singapore citizen Yap Lee Peng Somchai on 21 August 2026 with one money-laundering-related offence under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA) and one offence under the Companies Act.
According to the Singapore Police Force, Somchai faces one count of transferring property while having reasonable grounds to believe the property represented benefits from criminal conduct, under Section 54(2)(b) of the CDSA. She also faces one count under Section 157(1) of the Companies Act for allegedly failing to exercise reasonable diligence in the discharge of her duties as a company director.
Case linked to Tradeluxury and Tradenation complaints
The charges arise from the Tradeluxury and Tradenation case. Between May and August 2022, Police received 187 reports against Tradenation Pte Ltd and Tradeluxury Pte Ltd. Complainants alleged that the companies accepted full payment for luxury watches and luxury bags but failed to fulfil the orders.
At the relevant time, Somchai was a director of Tradeluxury, which operated primarily as an online reseller of luxury bags. Police said she was also an authorised signatory of the company’s bank account.
Two other individuals previously convicted
The Police release also set out earlier outcomes involving two other individuals connected to the companies. Pansuk Siriwipa, described by Police as the main decision-maker for Tradenation and Tradeluxury responsible for sourcing suppliers and arranging deliveries, was sentenced on 29 October 2024 to 14 years’ imprisonment for offences under the Insolvency, Restructuring and Dissolution Act, Penal Code, Criminal Procedure Code and CDSA. Another 150 offences under the Penal Code, CDSA, Criminal Procedure Code and Immigration Act were taken into consideration for sentencing.
Pi Jiapeng, a director of Tradenation and Tradeluxury, was sentenced on 14 October 2025 to five years and 10 months’ imprisonment for offences under the Insolvency, Restructuring and Dissolution Act, Companies Act and CDSA. Four additional offences under the Immigration Act, Criminal Procedure Code, Penal Code and CDSA were taken into consideration.
Possible asset recovery in Thailand
The case also has a cross-border asset-recovery dimension. Through 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.
CAD is facilitating the consolidation of victims’ claims for the potential recovery of those properties, subject to Thai law and legal processes, and has contacted victims who previously filed police reports in relation to the case.
The charges against Somchai are allegations and do not amount to a conviction. The case is notable from an AML perspective because it combines alleged transfers of criminal benefits, control over a corporate bank account, director-diligence obligations and cross-border asset recovery in a single corporate retail fraud matter.
