An intermediate court in east China Wednesday supervised the execution of a beauty parlor owner who was convicted of fraud and illegally raising more than 700 million yuan (103 million U.S. dollars).

Before the execution of Du Yimin Wednesday morning, the Intermediate People's Court of Lishui City, Zhejiang Province, held an open hearing to read out a review of the case by the Supreme People's Court.

Du Yimin, 44, a native of Jinyun County, was formerly chairwoman of Yichcheng Investment Management Co. Ltd. Her first hearing was before the Intermediate People's Court of Lishui City. She was charged with raising money illegally by promising high returns to her creditors from 2003 to June 2006.

The lower court said hundreds of investors had been attracted by supposed lucrative returns -- ranging from 1.8 percent to 10 percent per month, from beauty parlor, cosmetics, real estate and mining businesses of Du -- and channeled funds into Du's company.

Many victims had not even met Du before she was put in custody in July 2006.

Du spent much of the money she gathered buying apartments, cars and luxury items. Up to 128 million yuan is unrecovered.

Du was sentenced to death by the Intermediate court in March 2008.

She appealed her case to the Higher People's Court of Zhejiang Province which rejected her plea in December 2008. The higher court's ruling was published in January this year.

The Supreme People's Court concluded the penalties meted out in the first and second trials were appropriate and ordered the execution.