Naidoo was wanted in connection with multiple cases of fraud opened against him by people claiming that he conned them of millions of rands in a foreign exchange trading scheme.
Naidoo, who was arrested yesterday, will be appearing in court tomorrow to face fraud charges, police spokesman Constable David Mothapo confirmed.
After Sunday World reported about the alleged scam last week, two businessmen opened cases against Naidoo on Tuesday.
One of them told police that he gave Naidoo R900000 after he approached him claiming that he was representing a big financial firm. He said he would not name the firm as he went to the firm and they denied knowing Naidoo.
The second businessman said he invested about R2.5-million last year but never received a cent from Naidoo.
One of the banks which did not want to be named and is based in Sandton, said after being approached by a number of clients claiming that they gave Naidoo their money, it terminated his account.
"There were two clients that came to us saying that they had given Naidoo R1-million to trade on their behalf. Mr Naidoo knows the rules that we do not allow anyone to trade on behalf of clients," one of the company representatives said.
Two sisters, who did not want to be named due to the "embarrassment they had caused their parents", also opened two cases of fraud against Naidoo.
"Brendon convinced us that from investing our R1-million, we will make R500000 in profit. We took our parents' pension money and gave it to him, only to find out that he was a scamster," said one.
A prosecutor in the case confirmed that Naidoo had previously appeared in the Alexandra Magistrate's Court and was due to appear again tomorrow.