The five men - aged 30, 48, 55, 60 and 69 - were arrested on suspicion of conspiracy to defraud and false accounting.
A dozen searches were also carried out at venues across the country. In July, Newcastle United, Portsmouth and Rangers were searched as part of the inquiry.
Portsmouth boss Harry Redknapp and Portsmouth chief executive Peter Storrie were also arrested along with Mandaric, former Pompey owner - with the other two believed to be a player and an agent.
Mandaric has not commented publically yet, although Redknapp was quick to distance himself from any wrongdoing.A dozen searches were also carried out at venues across the country. In July, Newcastle United, Portsmouth and Rangers were searched as part of the inquiry.
Portsmouth boss Harry Redknapp and Portsmouth chief executive Peter Storrie were also arrested along with Mandaric, former Pompey owner - with the other two believed to be a player and an agent.
"We all helped the police with their enquiries, but it doesn't directly concern me, it's other people involved," said Redknapp.
"I've been answering questions to help the police. I am not directly concerned with their enquiries.
"They have to arrest you to talk to you, for you to be in the police station. I think that's the end of it, it didn't directly concern me."