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The offices of Sanjeev Gupta's Liberty Steel empire have been raided by the Serious Fraud Office (SFO).
The SFO is currently investigating suspected fraud and money laundering by Gupta's GFG Alliance and its arrangements with Greensill Capital.
Officers visited addresses across Britain and requested documents including company balance sheets and annual reports.
The SFO could not provide further comment on the investigation.
But it did confirm that its teams spoke with executives at multiple addresses, who co-operated with the operation.
Once described as the "saviour of steel", Sanjeev Gupta's GFG Alliance has faced allegations of fraudulent trading after its main lender Greensill Capital collapsed last March.
Greensill collapsed after its insurer refused to renew cover for the loans it was making.
The finance company was the main lender to GFG's Liberty Steel, which employs 3,000 people in England, Scotland and Wales.
Last May, the SFO opened its investigation into GFG over suspected fraudulent trading and money laundering, including its financing arrangements with Lex Greensill's company.
According to the Financial Times, French prosecutors also visited GFG's Paris office and an aluminium smelter in Dunkirk earlier this week, where they questioned executives.
British MPs have previously raised a series of concerns over Sanjeev Gupta's leadership of GFG Alliance, including the unusual funding and company structures, as well as a series of accounting "red flags".
Politicians also recommended that the Insolvency Service should consider whether Mr Gupta has breached his fiduciary duties as a company director.
English (US)