A South Korean court Thursday endorsed the arrest of a popular Internet financial pundit accused of spreading false information online.

After questioning the commentator at the request of his lawyers, the Seoul Central District Court ruled he should remain in custody.

The 31-year-old, identified only as Park but better known as "Minerva", the name of the Greek goddess of wisdom, was arrested last week on charges of spreading groundless news that the country's currency, the won, was imperiled.

Lawyers insisted Park should be released because he is innocent. The pundit has claimed he was trying to help those who had suffered as a result of the current financial turmoil.

He has written more than 200 economic commentaries in the past few months and gained massive popularity online following his predictions of the collapse of US investment bank Lehman Brothers.