Gu Chunfang [file photo]

Gu Chunfang, a businesswoman from Changshu City in east China's Jiangsu Province who went missing last month owing about 600 million yuan (US$95 million) to private lenders, banks and companies, has reportedly been found in Shanghai.

China Youth Daily reported today that Gu has been found in Shanghai and the Changshu government would soon hold a press conference to announce the latest developments of the incident.

Gu, who owns a trading company and was once dubbed the "most beautiful boss" in Changshu, allegedly cheated investors by making false promises of high returns at an annual interest rate of around 40 percent.

She went missing on March 3 after borrowing about 500 million yuan from private lenders and 100 million yuan from banks and companies.

Gu's Suzhou Kaiwailong Trading Limited Co was involved in businesses including cement, metals, lubricants, chemical fibers, daily commodities, fabrics and hardware. She also operated a clothing shop and a high-end manicure store that closed following her disappearance.