Wu Ying, a former tycoon sentenced to death with a two-year reprieve after being convicted of illegally raising money, has appealed to China's top court for an acquittal.

News of the appeal came from Lu Haibo, Wu's attorney, on Friday.

Wu, 32, the owner of Zhejiang-based Bense Holding Group, and once one of China's richest women, was found guilty of illegally raising 770 million yuan ($123 million) from 11 investors from 2003 to 2005 and cheating them out of 380 million yuan by offering high returns, while she spent the money on a lavish lifestyle, according to the verdict given by the High People's Court of Zhejiang when it found Wu guilty in May 2012.