Shortly after 9.30am, officers from the NSW Police Fraud and Cybercrime squad arrived at the Woollahra home of Jarryd Hayne's agent Wayne Beavis, the Leichhardt office of Sam Ayoub and the Pitt Street offices of George Mimis and Paul Sutton armed with search warrants.

Ayoub was not at his office. Not wanting to forcibly enter the complex, police had to call a locksmith, who let them in shortly before midday.

As police left his home, Beavis released a statement saying he had co-operated with police and would continue to do so.

"As this is a police investigation, no further comments will be made," he said.

By late Thursday afternoon police were still at the CBD office of SFX Sports Group, where Mimis is the managing director and Sutton a senior client manager.

Troubled league star Kieran Foran, who this year walked away from a $5 million contract with the Eels, recently cut ties with SFX.

Strike force Rhodium was established in the wake of the Parramatta Eels salary cap scandal, which saw the embattled club stripped of 12 competition points and fined $1 million dollars.

The police are looking at whether money was misappropriated from the Parramatta Leagues Club through the use of false or inflated invoices.

Sacked Eels chairman Steve Sharp complained that in May 2013, when he replaced controversial former chairman Roy Spagnolo, he was immediately contacted by Beavis, Mimis, Ayoub and other agents demanding the club honour third-party deals that had been struck by the previous regime.

But, according to Sharp, there were no formal records of these deals.

In his sworn testimony to the NRL integrity unit, Sharp said he told the agents: "We won't honour anything that we don't know anything about."

He said the agents threatened to take their players from the club.

"And I said, 'Well, you can take your players out of the club, take your wooden spoon with you and – and piss off.' "

Former Eels chief executive Scott Seward told the NRL integrity unit that to meet the demands by the player agents, he asked several suppliers to the club to inflate their invoices.

Once the club paid these inflated invoices, the suppliers returned the cash to Seward who used it meet the off-the-book deals promised to the players.

Fraud squad commander Detective Superintendent Arthur Katsogiannis told a press conference on Thursday investigators "have information to suggest that false invoices were submitted and paid with a secondary area of interest relating to the movement of that money and its final destination".

"This has led us to investigate possible criminal offences including fraud and money laundering," he said.

Mr Katsogiannis said that his team had reviewed more than 250,000 emails, 600 invoices and looked at 60 bank accounts.

"We are still in the process of identifying and gathering relevant information which we believe will add value to this investigation."

The fraud squad boss said Thursday's search warrants were about "information and evidence gathering".

The investigation will continue to be complex and protracted, said Mr Katsogiannis, with months' more work ahead.

Player managers have to sign a "Total Remuneration Declaration" with the NRL about a player's total remuneration, including third-party agreements.

Any third-party agreement has to be done with the written approval of the NRL's salary cap auditor.

Crucially, the declaration to the NRL is covered by the provisions of the NSW Oaths Act, which can make it a criminal offence if such declarations are found to be knowingly false.