NZ Jewish Council president Stephen Goodman said Dotcom appeared to be raising the spectre of the mythical "Zionist conspiracy that runs the world".
"Weird," he said. "It is offensive. It's also totally incorrect. Yes, there was a lot of Jewish involvement in the early days of Hollywood. It doesn't happen nowadays. It's a corporate world."
Dotcom has previously upset the Jewish community after it emerged he had owned a copy of Mein Kampf, written by and personally signed by Adolf Hitler.
Mr Goodman said the reported purchase of the book as an investment amounted to "profiting out of someone's suffering".
"Nazi allusions are not just offensive to Jews but to the whole of the New Zealand community, in fighting Nazism in the Second World War.
"The Nazism reference is insulting to all New Zealanders."