New York, New York - Manhattan federal prosecutors on Wednesday busted exiled Chinese tycoon Guo Wengui – whose yacht ex-White House adviser Steve Bannon was arrested aboard in 2020 – for a staggering billion-dollar fraud scheme.

In a mysterious plot twist, a fire broke in Guo's $32.5 million apartment in the Sherry-Netherland hotel in Midtown around noon, fire officials said, hours after FBI agents arrested the businessman.

Sources at the scene told the New York Daily News that agents were in the apartment when the two-alarm electric fire broke out.

"An investigation is being conducted to determine the cause of today's fire," Manhattan US Attorney spokesman Nick Biase said.

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Guo – whose real name is Ho Wan Kwok and who also goes by Miles Guo – is accused of carrying out a "sprawling" conspiracy that saw him solicit investments for bogus ventures from his online followers and spend the money on a $37 million yacht, 50,000 square foot mansion, a $3.5 million Ferrari for his kid, two mattresses costing $36,000 a piece, and other luxury purchases.

The indictment unsealed in Manhattan Federal Court charges his UK-based financier Kin Ming Je, who goes by William Je, with being the scheme's financial architect and chief money launderer.

Guo was presented in magistrate court Wednesday afternoon. Je is on the lam, authorities said.

The feds have seized a whopping $634 million from 21 different bank accounts connected to Guo since September, taking a Lamborghini Aventador SVJ Road into custody along with him, authorities said.

Guo gained a huge online following in 2018 after he started posting criticisms of the communist Chinese government, and sharing supposed investment and money-making opportunities that would make his followers rich.

The billionaire businessman fled China in 2015, fearing arrest on corruption charges. He has since been living in Manhattan's Midtown district.