UPDATE: CHANNEL Seven executives in Sydney are understood to be questioning the validity of a federal police search warrant, which is believed to be linked to an investigation into the network's dealings with Schapelle Corby.
Raids were carried out at the Pyrmont and CBD studios on Tuesday morning.
The AFP has confirmed officers are investigating proceeds of crime allegations but no further details have been released.
It is understood police were searching for evidence of a rumoured $2million contract offered to Corby in exchange for a tell-all interview to be aired on the network's current affairs program Sunday Night.
Veteran journalist Mike Willese, who flew to Bali ahead of Corby's release from prison last week, has maintained that no such offer has been made.
He told reporters on Tuesday afternoon that the search would "nail the lie" being perpetuated in the media.
Seven's Commercial Director Bruce McWilliam told the Australian the raids were "a big attack on the press" and a "gross overreaction".
News.com reported the search warrant could be active for up to 24 hours.
Seven offices raided by Australian Federal Police
AUSTRALIAN Federal Police officers have raided Channel 7's Sydney headquarters, searching for anything relating to convicted drug smuggler Schapelle Corby.
The television network's cameras filmed the raids at the Jones Bay Wharf offices, which were carried out by Australian Federal Police officers, News Corp reported.
The raids come amid media reports the network paid $2 million to the Corby family for an exclusive interview.
Schapelle Corby's sister Mercedes last week posted a video to reject the figures.
However, Corby has been holed up in a Sentosa Seminyak luxury villa with Channel 7 staff, including veteran interviewer Mike Willesee.
"The AFP can confirm it has executed a number of search warrants in Sydney in relation to an ongoing Proceeds of Crime Act matter," The AFP said in a statement.
Channel 7 has told media the searches could go on for 24 hours.
Corby was convicted of smuggling more than four kilograms of marijuana into Indonesia.
She was recently released on parole but Indonesia officials have warned her about doing media interviews, saying they could breach her parole conditions.
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