Megaupload owner denies any wrong doing and says he is innocent

On Monday, a New Zealand court ruled that founder of recently closed-down file sharing platform Megaupload.com, has to be held in custody until further orders. Kim Dotcom, the founder of the file sharing website, has denied any charges of internet piracy and money laundering.

He also told the court that despite his innocence the authorities are trying to present a dark image of him. During Dotcom's bail hearing, prosecutor Anne Toohey, argued that Kim Dotcom is a flight risk that is "at the extreme end of the scale". This is along with the fact that he might have access to other funds, multiple identities and has a history of fleeing criminal charges.

Toohey also disclosed that, "The FBI believes the sums located are unlikely to represent all the overseas bank accounts owned by Mr Dotcom," reported Reuters.

The defense lawyer for Dotcom, Paul Davison, stated that all the charges of criminal misconduct and wrongdoing have been denied by the accused. The lawyer also contended that Dotcom does not pose any threat of absconding, or even restarting the business.

The accused will fully cooperate in any investigation or court procedure and that all his passports have been seized, funds have been frozen and that his appearance is distinctive. The decision on the bail has been postponed by the court, for the time being.