Billionairess Arrested for Deceiving Family/Friends in Illegal Money Raising Scam

A 29-year old billionairess in Zhejiang province has been detained on charges of illegal fund raising and fraud.

From May, '06 to March. '07, the native of Hutou Township swindles 300 million yuan from hopeful investors  by promising high returns…10-25%.

If a billionairess were to tell you she could make money for you…seems like a good idea to let her do it, no?

Most of those deceived were relatives and friends…some private bosses, farmers, workers and civil servants were also taken in by the scam.

Huge losses followed, some even attempted to commit suicide.

Her mom's brother was the first to catch on to her shennigans.

When police showed up, there were already 20 people present demanding she pay

them back…easy enough for someone with billions, no?

A second billionairess is in the hot seat for doing the same earlier this year.

How do 26- and 29-year olds become billionaires? And why do they need to make even MORE money anyway?

Move over Paris Hilton.