The Chinese/New Zealander was stopped by Hong Kong border patrol as he was crossing from China at Lok Ma Chau, Stuff.co.nz reports.

Police have not named the man, but he is believed to be Leo Gao, a former Rotorua service station owner.

He was subsequently arrested yesterday by Interpol, on a warrant relating to theft and money laundering charges, police said.

The man was due to appear in a Hong Kong court this afternoon.

The arrest follows more than a two-year police investigation.

Gao had asked for a $100,000 overdraft for his ailing service station business in Rotorua, but Westpac accidentally deposited $10 million into his business account in April 2009.

He and his partner at the time, Kara Hurring, 32, allegedly transferred $6.782m into other accounts. The man then left for Hong Kong on April 29, while Hurring followed on May 3.

The error was discovered on May 5, with about half of the money recovered from New Zealand accounts, leaving an outstanding sum of $3.872m.

Hurring was arrested this year, when she re-entered New Zealand and was due to stand trial in February.

Detective Inspector Mark Loper, who is in charge of the investigation, said the case had remained active over the past three years, involving New Zealand, Chinese and Hong Kong police.

"There has been a significant amount of work under way behind the scenes — but for obvious reasons we haven't been in a position to discuss it," he said.

"Even after Hurring's arrest, our focus remained on eventually being able to speak to the other alleged offender."

It was not yet know whether extradition proceedings would need to start as the man would be given the opportunity to return to New Zealand voluntarily.

Stuff.co.nz