Founder of Megaupload, Kim Dotcom, Denied Bail in New Zealand

Kim Dotcom, founder of the online file sharing portal Megaupload, has been refused bail by a New Zealand court because he is considered a flight risk. Subsequently, the alleged Internet pirate was taken into police custody for another month on Wednesday.

With this new development, Dotcom, also known by Kim Tim Jim Vestor and Kim Schmitz, has to remain in police custody until the 22nd of February - the same time which the hearing on his extradition to the US will be conducted.

Kim Dotcom is a German national who was arrested by New Zealand police last week along with three other top Megaupload executives. Allegedly, the crackdown on Dotcom was orchestrated by the US government.

"With sufficient determination and financial resources, flight risk remains a real and significant possibility which I cannot discount and bail is declined," stated Judge David McNaughton when refusing bail to Dotcom, The Telegraph reports.

Paul Davis - the lawyer representing Dotcom stated: "The judge has agreed with much of what we have submitted but he has taken a different view on the issue of flight risk."