'Runaway Millionaire' to remain behind bars

Accidental millionaire Leo Gao has been in custody since his arrest in September. Photo / Christine Cornege

Leo Gao, the man dubbed the "runaway millionaire'', will remain behind bars until at least the end of this week.

The 31-year-old Rotorua man appeared briefly in Rotorua District Court today to apply for electronically monitored bail.

Judge James Weir has reserved his decision until at least the end of this week.

Gao, whose name appears on charge sheets as Hui Gao, faces 17 charges of theft of $6,782,000, including one joint charge with Kara Hurring, and 10 charges of money laundering.

Eight of the laundering charges are joint charges with Hurring, his former partner.

The charges relate to offending alleged to have been committed between April 24 and May 5, 2009 in Rotorua but mostly in Auckland.

Gao is accused of stealing varying amounts from $2000 to $500,000, and of laundering varying amounts of money from $361,663.65 to $500,000.

Gao had applied to Westpac for a $100,000 overdraft in 2009 but the bank accidentally loaded a $10 million overdraft on to his account. When he realised the error he allegedly skipped the country with Hurring.

He is accused of transferring almost $6.8 million of Westpac's money into several accounts before fleeing the country. About $3.9 million has not been recovered.

Gao was arrested in Hong Kong in September and was returned to New Zealand just before Christmas and was remanded in custody.

The couple's disappearance sparked an international manhunt involving Interpol and other overseas agencies.

Hurring, 32, was arrested when she re-entered New Zealand earlier last year and is due to stand trial next month.