Portsmouth have confirmed that manager Harry Redknapp and chief executive Peter Storrie are among five men arrested today by anti-corruption police.
The men, aged 69, 60, 55, 48 and 30, were taken into custody as officers swooped on eight addresses across the UK.
The raids were part of the force's economic crime unit's investigation into alleged bungs in the game.
Last year the FA brought in former Metropolitan Police commissioner Lord Stevens and his company, Quest, to carry out a separate inquiry into suspect transfers.
A City of London Police spokeswoman said: 'Five men have been arrested on suspicion of conspiracy to defraud and false accounting as part of an ongoing investigation into football corruption.'
A 61-year-old man was held in May on suspicion of money laundering and a 28-year-old - widely rumoured to be Tottenham defender Pascal Chimbonda - was questioned in September.
Police also searched Newcastle, Portsmouth and Rangers as well as two homes during a series of raids in July.
Redknapp spoke as he returned to his multi-million pound home at Sandbanks, Poole, Dorset.
He said: 'We all helped the police with their enquiries, but it doesn't directly concern me, it's other people involved.
'I've been answering questions to help the police. I am not directly concerned with their enquiries.'
Redknapp confirmed that he had been arrested and said: 'They have to arrest you to talk to you, for you to be in the police station. I think that's the end of it, it didn't directly concern me.'
Redknapp confirmed that as well as himself, Milan Mandaric and Peter Storrie were also arrested today.
Speaking outside the police station, Paul Martin, the solicitor representing Redknapp and Storrie, had stressed the pair were co-operating with detectives.
'They have been assisting the police with enquiries,' he said.
'The enquiries do not relate to either of those individuals, they relate to entirely different individuals.
'They are ongoing investigations in relation to those other individuals, and for that reason they are unable to comment further, and there is nothing that they can discuss.'