Hundreds of police officers have raided two dozen properties across Germany believed to be linked to Russian oligarch Alisher Usmanov, an ally of President Vladimir Putin.
The searches were undertaken in connection with alleged breaches of sanctions and money-laundering rules, officials said.
State and federal police were searching 24 properties in Bavaria, Baden-Wuerttemberg, Hamburg and Schleswig-Holstein, prosecutors in Frankfurt and Munich said in separate statements.
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The statement by Frankfurt prosecutors named the suspect only as a Russian businessman, but German weekly Der Spiegel, which first reported the raids - conducted by about 250 police officers - named him as Mr Usmanov.
Mr Usmanov is subject to sanctions in the UK, the US and the European Union. Until earlier this year the Uzbekistan-born billionaire had links to Everton, with his company USM Holdings providing a number of Blues sponsorship agreements
Frankfurt prosecutors said the suspect of their investigation was alleged to have conducted several transactions between 2017 and 2022 using a complex network of offshore companies to hide the origin of the payments, which amounted to millions of euros.
"There is a suspicion that the sums transferred resulted from crimes, in particular tax evasion," prosecutors said.
Munich prosecutors said in a statement that their investigation centred on allegations of payments being made to security companies guarding the properties, in breach of sanctions rules.
Back in March, Mr Usmanov issued his response to being sanctioned by the EU after Russia’s military invasion of Ukraine on the website of the FIE (International Fencing Federation) of which he has been the President since 2008.
He wrote: "On 28 February 2022 I became the target of restrictive measures imposed by the European Union.
“I believe that such decision is unfair, and the reasons employed to justify the sanctions are a set of false and defamatory allegations damaging my honor (sic), dignity and business reputation. I will use all legal means to protect my honor (sic) and reputation.
“I hereby suspend the exercise of my duties as the President of the International Fencing Federation effective immediately until justice is restored.”
On March 2, Everton confirmed they had suspended their sponsorship agreements with Russian companies USM, Megafon and Yota with immediate effect.
The Blues had been under pressure to react after Russia's military invasion of Ukraine - given Mr Usmanov's ties to Putin, and his status as owner of USM and its affiliated companies.
A statement from the club read: "Everyone at Everton remains shocked and saddened by the appalling events unfolding in Ukraine. This tragic situation must end as soon as possible, and any further loss of life must be avoided.
"The players, coaching staff and everyone working at Everton are providing full support to our player Vitalii Mykolenko and his family and will continue to do so.
"The club can confirm that it has suspended with immediate effect all commercial sponsorship arrangements with the Russian companies USM, Megafon and Yota."
The ECHO understands those ties remain suspended and Mr Usmanov has no current links to Everton.
In a European Union regulation update published in February, Mr Usmanov was named as a "pro-Kremlin oligarch with particularly close ties to Russian President Vladimir Putin".
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