A woman billionaire who owes about 600 million yuan ($95 million) to private moneylenders and banks has gone missing, according to authorities in Changshu, Jiangsu province.

Gu Chunfang, dubbed the "most beautiful businesswoman" by residents, disappeared after borrowing more than 100 million yuan from banks and nearly 500 million yuan from private lenders by promising high returns with a 40 percent annual interest rate, said Xi Jian, deputy director of Changshu Party committee's publicity department.

"More than 30 moneylenders have turned to public authorities for help. A panel consisting of court officials, police and the government's financing department are investigating the case," Xi said.