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If you imported as an image and not a texture, that might be the issue also.
See if does what you want http://sketchucation.com/plugin/783-holepunchtool
There's a problem here with round edges... You will have to make hidden lines visible first.
Go to menu View > Hidden Geometry so you can see the lines that make the round edges and can accurately place your model.
Thank you, thank you very much 👍