Colourful identity Mick Gatto has dismissed allegations he was involved in financial crimes as a “load of crap”, just hours after returning to his beachside mansion following his arrest.

Detectives raided a Mount Martha property, about 50 kilometres south-east of Melbourne, on Wednesday morning, arresting a 70-year-old man and a 72-year-old woman.

Donning a beanie and hoodie, Gatto arrived home later on Wednesday, escorted by an unmarked police car, opening the gate for officers in the late afternoon.

He appeared unfazed by the arrest, emerging soon after from his mansion with his dog and a duffle bag before getting into his car. He briefly spoke with reporters in the driveway before driving away alone.

“When they use 20 or 30 police over a speeding fine, this country is in trouble. It’s a load of crap. All a load of crap,” Gatto said.

“It’ll all come out in due time.”

Detectives from Taskforce Hawk, established to tackle criminal behaviour in the construction sector, executed the warrant on Wednesday, along with another warrant in the Melbourne central business district.

Police also seized items such as electronic devices and two controlled weapons, including a baton and a knife.

“The investigation, which commenced earlier this year, remains ongoing,” a spokesperson said.

Gatto was asked by reporters about the knife seized from his house, which he described as “a toothpick”.

His lawyer Martin Amad issued a statement on behalf of Gatto, adding the arrest was not a significant development.

“The police action did not relate to criminal activity in the construction industry, both have been released without charge,” he told radio station 3AW.

Gatto’s name appears 165 times in barrister Geoffrey Watson’s Rotting from the Top report, which was commissioned by former CMFEU administrator Mark Irving KC.

Watson described what he called Gatto’s extortion model, where he would ring contractors and tell them he could stop work at a site at a moment’s notice unless he was paid a fee.

Gatto, who was acquitted of murdering Melbourne underworld figure Andrew Veniamin in 2005, has denied being a construction industry standover man.

“The [Victorian government’s] Big Build has never, ever paid me a penny,” he told the Ten Network in February.

“The government has never, ever paid me a penny. The unions have never ever paid me a penny.”

In March, Victoria’s Labour Hire Authority confirmed it issued a notice of intention to cancel M1 Trades & Labour’s licence after the company was accused of links to Gatto.

Watson noted Gatto denied ownership of M Group companies but said the claim was “transparently false”, with “dummy directors” allegedly installed to do his bidding.

On Monday, Victorian Premier Jacinta Allan suggested police and industry regulators were cleaning up the construction industry, with 88 criminal charges laid and more than 150 licences cancelled.

Her government has also committed to giving the Independent Broad-based Anti-corruption Commission “follow the money” powers by late 2027, a decade after the watchdog sought the change.

-AAP