Police have seized almost half a million pounds in cash, business records, computers and phones in relation to suspected VAT and money laundering fraud.
That's in addition to arresting two local men - they've now been bailed pending further enquiries.
The Financial Investigation Team says searches, focussed around the Douglas and Onchan areas, have almost concluded.
However they are still trying to find one other person in relation to offences being investigated here.
The operation is a coordinated effort between HM Revenue and Customs, the National Crime Agency, Cheshire Constabulary and Guernsey's Border Agency.
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