Prosecutors raided CJ Group, a major local conglomerate, on Tuesday as part of an investigation into allegations that the food and entertainment conglomerate managed a massive slush fund overseas.

The prosecution has been looking into suspicions that the business group had set aside a large sum of the fund worth tens of billions of won and brought it into the country.

A team of investigators and prosecutors of the Seoul Central District Prosecutors' Office seized computer hard discs and relevant documents during the raid at the headquarters and offices of the group, and houses of several executives, officials said.

The group is suspected of creating the slush fund through bogus deals by issuing forged invoices from overseas branches, officials said.

The slush fund probe comes after the Financial Intelligence Unit under the finance ministry has detected a suspicious money flow and notified the prosecution for further investigation.