Arrest warrants plus Interpol red sees have been issued against Pi and Pansuk, after at least 180 police reports involving two companies, Tradenation and Tradeluxury, were made since 06.
The complainants mentioned they made advance payments for high-class watches or bags, but did not get the products.
While some media reports stated the total value of the undelivered luxury timepieces and bags had been S$32 million, CNA understands that victims which made police reports have not received items worth at least S$20 million as of Jul 17.
Singaporean Pi, 26, had been arrested on Jun 27 for his suspected involvement within cheating offences. Their passport was impounded and he was released on bail on Jun 29.
Thai national Pansuk, 27, was also assisting the authorities with investigations plus surrendered her passport to officers upon Jun 30. Both subsequently became uncontactable.
According to Interpol, Pi was born in Fujian, China, while Pansuk is from Roi Et, a province in central north-eastern Thailand.