Underworld figure Mick Gatto has been arrested at his property as part of a police investigation into alleged financial crimes.
Detectives raided a Mount Martha property, about 50 kilometres southeast of Melbourne, on Wednesday morning, arresting two people in their 70s.
Media reports widely suggest Gatto and his wife are the pair arrested.
"Detectives from Taskforce Hawk executed a warrant at a Mount Martha property this morning as part of a current investigation into alleged financial offences. Further information will be released later today," a police spokesperson said.
Taskforce Hawk was established to tackle criminal behaviour in the construction sector.
