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Woman with 400m yuan debts tracked down in Shanghai

THE woman who disappeared recently after borrowing about 400 million yuan (US$63 million) of money from more than 20 private lenders has been found and detained in Shanghai, authorities said today.

Gu Chunfang, 40, a trading company owner dubbed the "most beautiful boss" in Changshu, a city in neighboring Jiangsu Province, went missing early this month, Changshu government and police said in a press conference.

Gu was caught on Tuesday night in Shanghai. Changshu police began receiving reports from more than 20 citizens on March 5 that the woman had disappeared after borrowing a lot of money from them.

Gu cheated the lenders as early as 2008 that her coal mine business needed money and promised to pay back with an annual interest rate of about 30 percent, the police said.

Changshu police published a hotline (0512-52735192) for other victims to claim their losses as it is believed that her debts could be more than the amount already announced.

Gu's Suzhou Kaiweilong Trading Co Ltd was engaged in the trading of cement, metals, lubricants, chemical fibers, daily commodities, fabrics and hardware. She also operated a clothing shop and a high-end manicure salon that was closed after her disappearance.

The divorced woman grew up in Changshu but failed to graduate from junior high school. She worked as a fashion model and changed a few jobs before starting her own business. Her good look was said a useful asset for her business.


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