City Harvest Church founder Kong Hee, along with four members of his church, was arrested on Tuesday by the Commercial Affairs Department (CAD) for criminal breach of trust and falsification of accounts.
The other four are Mr Tan Ye Peng, Mr Lam Leng Hung, Mr Chew Eng Han, and Ms Sharon Tan Shao Yuen. They will be charged in court on Wednesday.
Separately, Mr Kong and his wife, singer Ho Yeow Sun, have been suspended as members of the church's governing board after an inquiry by the Commissioner of Charities (COC) revealed misconduct and mismanagement in the administration of the church.
Financial irregularities of at least $23 million from the church's funds have been discovered, said the COC in a statement released on Tuesday.
It said that these funds were allegedly used to finance the secular music career of Ho. Ho was not one of the those arrested by the CAD.
The COC said that there was also "a concerted effort to conceal this movement of funds from its stakeholders".
Apart from Mr Kong and his wife, six other board members of the church were also suspended under the Charities Act.
Find out more in The New Paper on Wednesday.