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Neno evangelism Bishop James Nganga was arrested over claims of defrauding a businessman Ksh3.6 million.
The televangelist spent Thursday night at Central Police Station in Nairobi.
He was released on Friday morning on a police bond and is set to be arraigned in court on Friday.
Police did not disclosed the name of the businessman and when he was defrauded.
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This comes barely a two weeks after he was charged with incitement to violence and threatening to the director of strategy and innovation at Royal Media Services, Linus Kaikai.
Ng'ang'a was asked to part with Ksh200,000 cash bail or a Ksh300,000 bond for his release when he appeared before a Kiambu Court.
Mr Kaikai seemed to irk Pastor Ng'ang'a after the former criticized rogue preachers who have been using the word of God to dupe their followers.