FBI accuses Megaupload of pirating films

German millionaire and alleged Internet pirate Kim Dotcom has been remanded in custody in New Zealand while U. S. officials press ahead with extradition proceedings.

A judge in Auckland’s North Shore District Court Wednesday turned down a bail application by Dotcom, 38, saying Dotcom posed a flight risk, Radio New Zealand reported.

Dotcom was arrested in Auckland on Friday, with three other executives of the Megaupload.com file-sharing website at the request of the U.S.Justice Department and the Federal Bureau of Investigation (FBI).

The U.S. law enforcement agencies accused them of money laundering, racketeering and copyright piracy.

The U.S. agencies shut down Megaupload after the company was indicted in a federal court in Alexandria, Virginia, on Thursday.

A judge Wednesday remanded Dotcom in custody until Feb. 22 when a date was due to be set for an extradition hearing.

His three co-accused also remained in custody and were to appear in court to have their bail applications heard, Radio New Zealand reported.

The FBI accuses Megaupload of pirating films and other content, costing copyright holders more than 500 million U.S. dollars in lost revenue.

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