Waugh, of Harrowby Street, central London, was reported missing on May 7. Her family had never had any concerns about her whereabouts in the past.

Concerns were raised after a fraudster tried to sell the millionairess’s central London flat by posing as her brother.

Waugh made contact with men through the internet, including dating websites, police revealed. They also revealed they were investigating the possibility that the missing woman was an escort.

The Daily Mail reported that since her disappearance, Waugh’s bank accounts have been plundered, with thousands of pounds worth of illegal transactions made in her name.

Items still missing from her home include a Cartier ring, a white gold bracelet; a yellow gold bracelet and a yellow gold necklace, which are all in the same style.

Ten people have been arrested in connection with the investigation so far, including a 47-year-old man this week, on suspicion of kidnap and conspiracy to defraud and subsequently on suspicion of murder.He is in custody at a south London police station.

The body has not been formally identified and was taken to Kingston mortuary.

A post-mortem examination will take place today.