Police have arrested four men following an investigation into the sale of Rangers Football Club in 2012.
Early morning raids were carried out by Surrey Police and Thames Valley Police, according to BBC Scotland.
Police north of the border in Scotland have been looking into the sale of the former SPL giants when Craig Whyte acquired the club from Sir David Murray in 2012, shortly after the team went into liquidation.
However, the BBC says that Whyte is not one of those who has been arrested.
Police Scotland were not immediately available for comment when contacted by IBTimes UK.
Rangers have been through fresh leadership changes recently, with Newcastle United owner Mike Ashley acquiring a 9% stake in the club.
His first point of action with the increased stake was to call for the heads of chief executive Graham Wallace and finance director Philip Nash - who have since resigned - with the Sports Direct founder replacing Wallace with Dereck Llambias.
Llambias is a close friend of Ashley and was appointed as managing director of Newcastle United in 2008, shortly after Ashley's takeover of the club.