Police raided the headquarters of CJ Hellovision Co., the country's top cable channel operator, on Wednesday over an allegation of fabricated tax statements.

Investigators said the company is suspected of fabricating tax statements worth 23 billion won ($20.6 million) to exaggerate its sales.

CJ Hellovision may have overstated its sales by overcharging regional offices for commodities. Police currently suspect the firm's headquarters was directly involved in the fabrication.

"The investigation aims to verify whether CJ Hellovision exaggerated its sales through issuing false tax statements without an actual exchange of goods," a law enforcement official said. "We already completed investigation on regional offices, and we plan to summon officials from headquarters."

During the raid, the police secured accounting documents and other related files for analysis. (Yonhap)