The boyfriend of popular DJ is expected to appear in the Johannesburg Commercial Crime Court on Monday morning, Gauteng police said.
He was arrested on Saturday and will face five fraud charges, Constable David Mathapo said.
He allegedly ran a foreign exchange trading scheme in which people invested millions.
The Citizen reported on Sunday that the cases went back to at least 2014. One businessman said he transferred R3m into his account.
The businessman admitted to the Sunday World that he recruited other people, many of them retired teachers, to give their money to the boyfriend, thinking he was helping them.
He apparently convinced his alleged victims to hand him their money by showing them pictures of himself next to an expensive Audi R8 and his bank statements.